Where Real Estate Gets Its Dirt

Hive MLS and SourceRE announce new “data exchange”

Hive MLS and SourceRE Announce Investment and Long-Term Partnership

“This initiative signals a broader industry shift toward MLSs taking proactive control of their data ecosystems. Rather than relying on a small group of third-party solutions and major public entities with competing interests, Hive MLS and SourceRE are working together to build an MLS Data Exchange without vendor-specific constraints, technical dependencies, or timeline limitations.”

I’ve struggled— and I think the industry has struggled— to find a good naming convention for the type of solution Hive MLS and SourceRE describe in this release. They call their solution a “data exchange.” I believe this solution falls into the same category as other offerings in the market.

Comparable Solutions

DataCore from RECore:

“DataCore gives your organization complete control over its most valuable asset—your data. Easily manage, share, and protect information with a secure, flexible solution designed for the way MLSs and Associations operate. Keep your data flowing where it needs to go while ensuring it stays protected every step of the way.”

Amplify:

“At Amplify, we empower MLS organizations and national brokerage firms by placing them at the forefront of their ecosystem. Our pioneering real estate platform provides unparalleled control, flexibility, and adaptability, allowing MLSs to tailor their operations to meet specific needs.”

I believe all of these solutions can be traced back to AMP, which was RPR’s “Advanced Multi-List Platform.” AMP was shut down in early 2018, and at the time, it was described as:

“back-end multiple listing service database for small and medium-sized MLSs”

Carlos Grass, one of the co-founders of Amplify, later acquired AMP’s assets from RPR (which is wholly owned by the National Association of REALTORS®). I had the opportunity to interview Carlos and Paul Hethmon on my Listing Bits podcast, where we discussed Amplify, its solution, and the broader category. It’s a great overview of the space.

A Name for This Category?

I like to call these solutions “front-endless” MLS solutions—or perhaps “back-end database” MLS solutions would be just as fitting or maybe even “data exchange”. The goal here is for an MLS to say, “Here’s our data, come as you are.” Each company can then offer its own spin on the features and benefits of its solution.

I’m not sure how far off we are from a world where these solutions take off, but the fact that so many companies are bringing their own unique approach to this space tells me that something is brewing.

Lundy helps 5 MLS organizations and associations navigate support issues faster

Five Leading MLSs and Associations Integrate Lundy’s Navigator AI for Smarter, Faster Member Support

“Lundy is proud to announce that five leading real estate organizations — FMLS, Realcomp Ltd. II, Bluegrass REALTORS®, HiveMLS, and MetroTex — have already partnered with Lundy to enhance their member and staff support. With many more MLSs and associations in the queue or actively onboarding, Navigator is quickly becoming the industry standard for AI-driven support. These organizations leverage Navigator to streamline operations, augment their support staff’s abilities, ensure policy consistency, and provide their members/subscribers faster, more accurate assistance.”

Unlike traditional knowledge bases, Navigator is an AI-powered solution designed to deliver direct answers—not just search results. It can complement your existing support team or, even better, provide members with direct access via text.

Instant Answers via Text

Agents can now text or call Navigator at a dedicated support number to receive instant, organization-specific answers. By saving this number, they can reach out anytime, just like messaging knowledgeable support staff who can always assist. This ensures members and subscribers always have access to expert guidance.”

I’ve seen this in action, and it’s kind of amazing. Lundy’s work with voice search (have you checked out MetroList.com yet?) has given them a head start on some of this technology, which they’ve tailored specifically for real estate. You can tell this type of product is going to be a hit when people start finding new ways to use it.

“Richard Gibbens, Bluegrass REALTORS® CEO says, “The Lundy Navigator has revolutionized our operations by transforming our access to governing documents, rules and regulations, and board minutes. It’s made onboarding smoother, enhanced our access to institutional knowledge, and significantly boosted our efficiency.”

Now, I just hope no one digs through Vendor Alley to tally up how many predictions I’ve gotten wrong!

REcore [Sponsor]

My thanks to REcore (pronounced R-E-core) for sponsoring this month of Vendor Alley. The needs of MLSs and AORs in a shifting real estate industry change faster than some technologies can keep pace with. Every MLS and Association deserves personalized technology, REcore mission is to deliver it.

They recently when through a rebranding initiative which I thought was nicely thought out and well done. You can read about it here. I have to admit a little bias here since I am also on the board of REcore.

Find out more and read my review of their dashboard solution here.

My thanks again to REcore.

UtahRealEstate.com launches new tool for MLS organizations to help export data.

UtahRealEstate.com Launches reDataExport, a New Company that Simplifies Real Estate Data Access and Distribution for MLSs

“MLSs throughout the country frequently receive requests from economists, universities and government agencies related to research for local housing markets. For example, some of this data is used to create affordable home buying legislation, to assist in market studies for government grants, and for use in educational research projects.”

We featured UtahRealEstate.com on our “MLS Innovators” panel at MLS Reset. Love these simple point solutions.

Listing Bits Podcast: Austin Allison, CEO of Pacaso

Overview:

In this episode, Greg Robertson chats with Austin Allison, CEO of Pacaso, about his entrepreneurial journey in real estate, starting with Dotloop and transitioning to his current venture, Pacaso. The discussion covers lessons learned from his early career, how Pacaso is revolutionizing second home ownership, and insights into raising capital through innovative approaches like Regulation A.

Key Takeaways:

1. Austin’s Journey in Real Estate:

• Austin Allison started his real estate career early, getting his license at 18. His early experiences selling homes during college inspired him to create Dotloop, which he later sold to Zillow.

• The entrepreneurial lessons from Dotloop, including navigating challenging markets and working with large real estate brands like Keller Williams, set the foundation for his future ventures.

2. The Birth of Pacaso:

• After selling Dotloop, Austin co-founded Pacaso, a platform aimed at democratizing second home ownership by enabling people to co-own luxury homes. The idea stemmed from his own experience of buying a second home and realizing most vacation homes sit unused for much of the year.

• Pacaso allows people to purchase a share of a vacation home, creating more efficient and accessible ways to own luxury properties.

3. The Challenges of Scaling a Startup:

• Pacaso had rapid growth, especially during the early days of the pandemic when people sought second homes, but faced new challenges in 2023 due to rising interest rates and a cooling real estate market.

• The company has refocused on profitability and expanding its market presence globally, with operations in the U.S., Europe, and Mexico.

4. Innovative Fundraising through Regulation A:

• Pacaso recently explored raising capital through Regulation A, a public fundraising method that allows retail investors to buy into private companies. This method democratizes access to investment opportunities typically reserved for institutional investors.

• Austin believes this approach aligns with Pacaso’s mission of making second home ownership more accessible and also raises brand awareness by turning investors into advocates.

5. Future of Pacaso and Second Home Ownership:

• Pacaso aims to continue expanding its product offerings and entering new markets. While the current focus is on high-net-worth individuals, Austin envisions future opportunities to lower the entry point for ownership, making the Pacaso model more accessible to a broader audience.

• Austin emphasizes the long-term potential of Pacaso and the importance of scaling the business carefully to meet the demands of a large, untapped market.

Reach Out: 

Austin on LInkedIN

Find out more about Pacaso

• Learn more about Pacaso: Pacaso.com

Explore Regulation A investment opportunities with Pacaso.

Our Sponsors

Trackxi – Real Estate’s #1 Deal Tracking Software

Giant Steps Job Board – Where Proptech gets hired

Production and editing services by:

Sunbound Studios

Aligned Showings passes 2 millionth mark and introduces usage-based pricing

Aligned Showings Reaches 2 Millionth Showing and Introduces Usage-Based Pricing

“Having booked over 2 million showings across our MLS partners is a huge milestone for us. We continue to add new features to Aligned Showings, which has led to over 91% of active listings using the platform in RMLS alone,” stated Kurt von Wasmuth, CEO of RMLS in Portland, Oregon.”

Many MLS software solutions are bundled or provided at little or no cost. The drawback to these tethered solutions is that they limit choice and competition. Additionally, many of these vendors require licensing and terms that MLS organizations would rather not concede. As the saying goes, ‘When the product is free, you’re the product.’

With Aligned Showings usage-based pricing, MLS organizations can now offer more choice to their agents without surrendering unwanted or aggressive data usage rights.

MetroList finds a voice

MetroList Introduces Revolutionary Voice-Activated Property Add-Edit Feature

“MetroList President and CEO Dave Howe highlighted the significance of this launch, “This new Add-Edit feature is important for the industry to radically modernize the day-to-day business of real estate professionals. We are thrilled to continue partnering with Lundy and Rapattoni to set new real estate standards.”

Pretty cool! The new voice search on MetroListMLS.com (also powered by Lundy) just keeps getting better and better—super fast! So, adding their voice recognition to listing input seems like a no-brainer.

Side note: Zillow’s voice search experience on the iPhone is much slower and more finicky, in my experience, compared to what Lundy has accomplished. Not sure why Zillow (or Realtor.com/Homes.com) hasn’t bought Lundy already… hint, hint.

That being said, I mostly use voice as an input device at home with Siri on my HomePod: “Siri, start a timer for 4 minutes,” or “Siri, what’s the weather like today?” I’ve just started getting more comfortable using voice with ChatGPT. I’m still a little self-conscious about it, but I know that will fade as AI improves.

Great to see MetroList and Rapattoni driving this innovation—it’s really close to magic!

Rayse rising

Rayse Launches to 200 Brokerages, Transforming Transparency and Value in Real Estate Transactions

“Developed in collaboration with leading brokerages, franchisors, and multiple listing service (MLS) providers, Rayse has garnered significant industry support. “We believe in shared ownership of technology solutions to benefit both real estate professionals and their clients,” said Howard W. “Hoby” Hanna IV, CEO of Howard Hanna Real Estate Services, an early investor in Rayse. Founding investors in Rayse completed over 1.1 million transactions in 2023, and the combined agent count among brokers and MLSs is over 470,000, according to data provided by T3 Sixty.”

What I appreciate about what James Dwiggins has so far done with Rayse is the shear number of industry participants who have invested real money to launch this new venture. The count of industry investors he has put together is amazing. It lessens the burden of having to rely on one or two big checks and also has the advantage of smart money. If you take a look at the list of people/companies that have invested they are the same people that can actively participate in helping the company succeed. And when Rayse does succeed they all can participate in its success. Love, love love.

Listing Bits Episode 93: Real estate data, myths and cowboy boots with Kevin Shtofman of Cherre

Listing Bits is back with a great guest, Kevin Shtofman, Global Head of Innovation at Cherre. Cherre is a global real estate data management platform. Kevin is from Texas and comes from a very entrepreneurial family that owned retail stores selling western wear, including honest-to-goodness cowboy boots! Yee-haw! Kevin talks about his journey from Wall Street back to Dallas and Cherre. It’s a great conversation where we dive into the breadth of real estate data available now, housing affordability, real estate myths, and the changing vendor landscape. Kevin is a super smart guy, and I found this conversation very insightful—I know you will too.

Reach Out: 

Kevin on LinkedIn

Greg’s website

Find out more about Cheere

Cherre.com – Follow your Data

Our Sponsors

Trackxi – Real Estate’s #1 Deal Tracking Software

Giant Steps Job Board – Where Proptech gets hired

Production and editing services by:

Sunbound Studios

Ben Thompson interviews new Zillow CEO Jeremy Wacksman

An Interview with Zillow CEO Jeremy Wacksman About Evolving Strategy

“This week’s Stratechery Interview is with new Zillow CEO Jeremy Wacksman. Wacksman is a long-time Zillow employee, having joined the company in 2009, three years after its founding. We also have a lot in common, including working at Microsoft after an MBA at Kellogg (we went in rather different directions since then!). Wacksman was previously COO of Zillow, and before that was CMO.”

Ben Thompson is the founder of Stratechery, which is one of my favorite technology blogs. Ben had previously interviewed Zillow co-founder and former CEO, Rich Barton. Barton has cited Ben’s writing about Opendoor as one of the reasons Zillow went in to iBuying. I would recommend listening to the interview via the Stratechery podcast. Access might require a subscription, which I highly recommend.

This is a great interview and really covers a lot of subjects including Jeremy’s background, Zillow’s early history, its business model evolution, its launch and then quick exit out of iBuying. But these three sections caught my attention. First is his thoughts his “pitch” on their upcoming “Super App”

Well, give the Super App pitch. What is the overarching strategy, the shift away being an ads business to what you’re doing today?

JW: Yeah, the Super App pitch is that if I could give you a remote control on your phone so that the same way you can order an Uber or book an Airbnb, you could do all of your real estate transaction inside of the Zillow app. You could talk to your loan officer and your agent 24/7 via group chat. You could understand via a pizza tracker where your loan is and are you missing any documents and it could all be in one place.”

I have some thoughts on this I’ll save for a later post.

The other is about the impact of the NAR Settlement.

Give us the overview, you’re the expert.

JW: The two high level changes are both about buyer and seller choice and education.
…..So in both cases, on the seller side, on the buyer side, it’s a more empowered customer, and it’s a more educated customer and we can come back to what we’re doing, we’re leaning into that education. On the buy side, we are innovating a touring agreement, like a dating form because we want to help educate customers before they get married to an agent. Well, what are you going to get into? What should you expect? What should a contract look like? And help them be informed about their choice before they make it, so that’s what changing.”

I like the analogy of a “dating form”.

And lastly on the fate of the MLS.

JW: Our argument is again, we’re here for the customer and there is some real good in this marketplace and you can build a lot of good and we can grow our company really big in a world where there is listing sharing and there are all these benefits and all these things we are doing to grow our company to — you’d move back to a classified business model which isn’t really good for the buyer and the seller. So that’s the big part of why we’re like — but it was this weird argument where we’re talking to investors about like, “Well, yeah, the margin profile of that business might look better, Zillow would probably win more, but we don’t actually think that’s good”, it’s not really good for anyone. It’s definitely not even good for the suppliers who would in theory, enact it.”

Bravo.

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