Where Real Estate Gets Its Dirt

DOJ urges industry to make a clean cut. Wants Buyers to negotiate compensation directly with their agent.

0290.-02-15-2024-AMICUS-BRIEF-filed-by-UNITED-STATES-OF-AMERICA-Statement-of-Interest-of-the-United-StatesDownload

Well we were all speculating whether or not the DOJ would give any clear direction on how they picture compensation to be handled thru the MLS. The DOJ did, and it’s a whooper. Basically they don’t think reducing offers of compensation down to zero matter at all. They want the industry to make a full break from seller setting the buyers agent commission at all. And site “steering” as a concern. So, more like a commercial model. This is something listeners of Industry Relations have heard Rob Hahn echo since the beginning, that steering was the main issue.

In a huge surprise this “Statement of Interest” references the Industry Relations podcast and Rob, myself and Ed Zorn directly,

“Rob Hahn & Greg Robertson interviewing Ed Zorn (VP & General Counsel atCalifornia Regional MLS), Burnett v. NAR: The Lawsuit That Could Upend the Housing Market, Industry Relations (Oct. 18, 2023), starting at 43:40, www.youtube.com/watch?v=pw39NB3w_0o&t=11s (“You do realize under this system (of the seller paying the buyer’s agent directly inside the contract) you do realize a closing statement at a title company or an escrow company looks 100% identical as it does today. With both commissions on the seller side. Nothing changes. The only thing that changes is the number that shows up for the buyer’s agent in that closing statement was negotiated between the buyer directly and the buyer’s agent and had nothing to do with the seller or the listing agent. That’s the one thing that’s different.”

STATEMENT OF INTEREST OF THE UNITED STATES, Department of Justice (DOJ)

I’m not sure whether to be honored or scared shitless that the DOJ listens to our podcast!

For clarity I’ve embedded the YouTube video so that you can see what the DOJ was referencing on our podcast, I started it a bit earlier so you can get some context ( I also think this is good primer to understand what the DOJ is asking for.)

Rob and I record our Industry Relations podcast today at 10AM. Should be a good.

My Country, ‘Tis of Thee

Got called for Jury Duty. I dodged a bullet and didn’t get selected (lucky for me since I have a full plate of travel coming up), but the experience was good.

I met a retired system engineer who was fighting cancer (and beating it)
I met a nurse who’s kids were about the same age as mine
An EMT
A writer
A interior design consultant.
A server at a restaurant

People of varying backgrounds and colors, some struggling more than others. But all showing up. Doing their duty. Treating each other with respect.

Made me feel good. So, turn off the news everyone. We are all going to be alright.

🇺🇸

More info on FCC’s new robocalls rules

Victor talks about some of the details to the FCC new rules as it apples to real estate lead aggregators.

“Real estate leads are among the most expensive leads generated across all American business, often leading to real estate professionals paying as high as 40% of their commission for a sale generated from a lead. Many leads generated at online shopping websites are sold over and over again, causing consumers to be inundated with spam-y text messages and robo-calls that seem to have no end. Now, there must be a clear opt-in by consumers to this form of communication. The FCC wants the consumer to opt in on a 1-to-1 basis to each company that will receive their contact information. “

Victor Lund, WAV Group

As Rob and I discussed on a recent Industry Relations podcast we think this is going to have a bigger impact than any one realizes.

REACH Australia adds nine new companies.

REACH Australia and New Zealand Unveils 2024 Scale-up Program with 9 Dynamic Companies

“We are honored to have the opportunity to work with more exciting property technology startups,” said Peter Schravemade, managing partner, REACH Australia and New Zealand. “These nine companies represent the largest number of companies taken on in a calendar year for the REACH Australia and New Zealand program. Regardless of your area of specialization, there is significant value within this group.”

NAR, National Association of REALTORS

Interesting mix of companies. If website design and illustrations were any indicator of company success then Milk Chocolate would get my vote.

T3 Sixty Webinar-“5 years of insights for MLS & Association Executives”

The industry owes the folks at T3 Sixty a lot of gratitude for putting this information together. Whether you are a vendor, MLS organization or Association this data is gold when it comes to planning.

Today T3 Sixty just updated its Real Estate Almanac. This year they also parsed out ownership structures of MLS organizations. Join Clint tomorrow and get the full rundown.

To register visit => T3 Sixty Webinar Series

REcore [Sponsor]

My thanks to REcore for sponsoring Vendor Alley this month.

Creating reliable, expertly designed business solutions for MLSs and Associations is the heart of REcore. Because REcore offers MLS SaaS (Software as a Service), our technology and applications are managed through our direct cloud services, so we can deliver the latest processes right to your business at no hassle to you.

Join Art Carter, Amy Gorce, and Katie Smithson for an upcoming webinar on February 21 to learn more about how REcore’s technologies will revolutionize the real estate industry. 

My thanks again to REcore.

Looking for a new gig?

Director of MLS Services – Contra Costa Assn. of REALTORS

“Responsible for the coordination and completion of projects across all CCAR departments. Sets deadlines, assigns responsibilities, and monitors and summarizes progress of projects and manages reports on key deliverables by individuals, with the goal of ensuring project timelines, priorities, and commitments are fulfilled on a timely basis.”

CCAR

First job posting of the new year! The find out about this job or post a job, please visit the Vendor Alley Job Board.

The Homes.com Super Bowl Ad I would run

As an exercise I thought it might be fun to write a script for the Super Bowl Ad I would run if Mr. Florance would let me. Enjoy!

Homesdot-come-Super-Bowl-CommercialDownload

Ziltorfin just peed in its pants

“Over $1B invested” 👀

REcore [Sponsor]

My thanks to REcore for sponsoring this month’s Vendor Alley.

REcore was created by MLS experts to provide modern, sophisticated offerings to MLSs and Associations. REcore has created both SaaS and data licensing solutions, providing simple ways for agents, brokers, and consumers to make quality real estate decisions using listing data and technology.

Join Art Carter, Amy Gorce, and Katie Smithson for an upcoming webinar on February 21 to learn more about how REcore’s technologies will revolutionize the real estate industry. 

I’ve previously written about REcenterhub, which you should definitely check out. My thanks again to REcore.

Sponsored By MLS Reset