Where Real Estate Gets Its Dirt

Mythbusters: Bright MLS Edition

Dispelling Myths 
 About Real Estate 
 Commissions 
and the MLS

“There are many assertions being made about the homebuying process in the wake of the draft settlement agreement. For instance, some assert that real estate agents “steer” buyers away from properties with low offers of buyer-agent compensation and that high commissions drive up home prices. Bright MLS researchers conducted an analysis of more than one million home sales transactions that took place in the Bright MLS service area1 to analyze some of the claims about the residential real estate industry. We ultimately found many statements being made in the media and by others are simply not supported by market data.”

Lisa Sturtevant, PhD, Chief Economist, Bright MLS

Blown away by the analysis here and can’t pretend to understand the math behind the research. It’s amazing how, based on this data, the DOJ narrative on steering and price are pretty laughable. From the report on regarding commissions and home prices:

“The correlation between compensation percent and list price is negative, indicating that higher offers of buyer compensation are actually associated with lower list prices for similar homes.”

Lisa Sturtevant, PhD, Chief Economist, Bright MLS

🎤 ⬇️ Great job Bright MLS.

T3 Technology Summit dates announced

T3 Technology Summit Unveils the Future of Real Estate Technology and Marketing

“The T3 Tech Summit is where innovation converges with opportunity, creating a dynamic ecosystem for marketing and technology leaders. Our commitment to fostering meaningful connections and providing valuable insights ensures that attendees leave equipped to shape the future of our industry,” said Michael Phelan, senior vice president of technology consulting at T3 Sixty.”

T3 Sixty

Dates are Sept. 29 to Oct. 1, 2024, at the Sheraton New Orleans Hotel in New Orleans. Early bird pricing is super reasonable. This event seems to get better and better every year.

Industry Relations Podcast: The NAR Settlement Part 2

Did you catch the sparks fly on the last episode of Industry Relations? In case you missed it, last week Rob and Greg got into a verbal fistfight. Made up. Became friends again. And are now ready for round 2. 

Rob and Greg continue their NAR settlement talk, post verbal tussle. Exploring NAR’s $418 million settlement, they talk about the association’s PR challenges, trust issues, and internal rifts. Questioning leadership and missed PR opportunities, they call for urgent reform.

Facing a crucial crossroads, the industry risks becoming a societal scapegoat. Rob and Greg urge immediate action to rebuild trust, improve communication, and navigate public scrutiny. Highlighting the role of leadership in these turbulent times, stressing the need for effective communication.

Connect with Rob and Greg: 

Rob’s Website

Greg’s Website

Our Sponsors: 

Notorious VIP

Giant Steps Advisors

This podcast is produced by Two Brothers Creative 2024.

Can you modify/add compensation info to an IDX feed, on your own listings?

NEW REW BUYER-COMMISSION WEBSITE FEATURE LIKELY A GAME CHANGER

“We already have a feature that allows them to enhance their listings, add other photos, and do other stuff. So really, I thought to make an extension of that would be pretty easy and add another field that allows them for their own listings only to display the compensation.”

Morgan Carey in an interview with Michael Catarevas of RISMedia

Is this kosher under the new settlement rules? From my understanding if you are receiving a feed from the MLS you can’t have compensation information, even on your own listings. Although, I think this would be hard to enforce.

I believe if you manually entered a listing and added your own compensation that would be cool. But the fact you are receiving a feed from the MLS limits you. Maybe a VOW/BBO feed would be okay? Love to hear from anyone who has a good take on this.

Garry Marsoubian nabs top spot at MLS Now

New CEO Announced at Ohio Based MLS Now

“Effective Monday, April 8th, Garry Marsoubian will assume the role of CEO at MLS Now, bringing with him a wealth of industry knowledge and leadership acumen. Marsoubian’s tenure coincides with significant changes within the MLS landscape, driven by recent class action litigation settlements. With his proven track record, Marsoubian is poised to navigate these transitions with confidence, supported by John Kurlich, one of the most respected COOs in the MLS industry.”

Huge congrats to Garry on his new role.

Looking for a new gig?

API Architect – Broker Public Portal

“As an API Architect at Broker Public Portal, you will be leading the creation, deployment, and maintenance of our RESTful APIs based on OData within a serverless cloud architecture. In this critical role, you will be expected to utilize AI tools and techniques to automate coding tasks, improve code quality, and accelerate the development lifecycle.”

To find out about this job and more please visit the Vendor Alley Job Board.

Paragon Connect [Sponsor]

My thanks to Paragon Connect for sponsoring this month of Vendor Alley. I had a chance to talk to Lucie Fortier and Ben Graboske on my Listing Bits podcast late last year about the journey to bring Paragon Connect to market. It was a great conversation that you listen to it here.

Learn about Paragon Connect’s new all-in-one dashboard, power and near me search, and many other features at this website. My thanks again to Paragon Connect.

Looking for a new gig?

Director of Engineering – Broker Public Portal

“The Director of Engineering at Broker Public Portal will be responsible for overseeing all development operations, managing the development work, and leading the engineering team. This role requires a strategic thinker with a hands-on approach to technology, a proven track record of managing development teams, and a passion for the real estate industry. You’ll collaborate closely with our product team to translate our strategic plan into actionable development initiatives. Together, you’ll ensure that our products not only meet but exceed the evolving needs of our users and stakeholders.”

To find out about this job and more please visit the Vendor Alley Job Board.

VestaPlus [Sponsor]

My thanks to VestaPlus for sponsoring this month’s Vendor Alley.  There are many reasons why you should consider another MLS organization for your technology partner.

The people at VestaPlus have many solutions to choose from including, ShowingsPlus™ where you can:

  • Easily request in-person or virtual appointments directly from a listing
  • ShowingsPlus™ will lock in the appointment and add it to your showing calendar
  • API integrations provide a seamless experience when working with agents from another MLS
  • Additional features include auto-confirm, private showings, listing feedback, and more!
  • Check out the video below

And their Neighborhood Snapshot™

If you are interested in why MLS organizations should look towards buying tools from other MLS organizations please listen to my Listing Bits podcast with VestaPlus’ VP of sales and marketing, Kelly Robinson. On that podcast where we discuss the benefits of working with another MLS organization as one of your vendors. My thanks again to VestaPlus.

T3 Sixty will not publish 2024 rankings of brokerages

Prudent.

Sponsored By MLS Reset