Where Real Estate Gets Its Dirt

Wall Street Clueless

A few choice quotes from this weekend’s WSJ article on “Realtors Face an Antitrust Reckoning

“The Realtors require this offer if a seller wants the home listed on an affiliated multiple-listing service, which is a database of homes for sale that serves the same purpose as a stock exchange. While innovation and competition have slashed stockbroker commissions, the commission on home sales has stayed basically flat for decades at 6%, split evenly between the buyer and seller agents.”

The Editorial Board, Wall Street Journal

Buying a home is not like buying an airline ticket, movie ticket, toilet paper or a stock. It’s a decision that doesn’t happen often, emotional and can be the largest financial decision in their lives. For those reasons it makes sense for someone to hire a trusted advisor.

“The Realtors also claim their rules benefit consumers by giving them “access to the largest database of properties available” and reducing out-of-pocket costs. But commissions get baked into home prices. If not for the Realtors’ rule, many buyers wouldn’t use brokers or would negotiate lower commissions. Home prices would likely fall.”

The Editorial Board, Wall Street Journal

“Many buyers wouldn’t use brokers”? See above comment.

I could go on and on, but WTAF?

Save the date! NAR NXT Pre-Party

Monday, November 13th (5PM to 8PM)

Join me for cocktails and conversation to kick off the week of NAR NXT! Mingle and enjoy time with real estate tech founders, execs, VCs, and practitioners.

This is a collaboration with Drew Meyers of Geek Estate (GEM), and will be hosted in the work/car studio I share with Dan Woolley. We’ll set up tables, have local brews and a few handles, snacks, cool music, a bubble top hockey table and a few surprises.

Very close to John Wayne Airport (SNA) airport if you are flying in Monday. Or maybe a kicking off point for some of Orange County’s finest restaurants.

Open to GEM members and you pioneers of proptech and organized real estate insiders. More information coming soon.

Started from the bottom…

My first job.

Mosaik, the future is now

One of the best things about publishing this blog for so long I (16 years baby!) is that a lot of early founders find me and I get to hear the ideas they are working on and see what they are building.  Sometimes they are looking for advice, or maybe an introduction.  Which I’m always happy to provide if I can.

In the past (I would say my generation) the typical real estate software vendor was a developer and maybe their spouse was a real estate agent or maybe he/she got frustrated buying or selling their home.  They had an itch to scratch.  Whether it was helping their spouse or themselves.  So they made something.  Maybe a small software program that managed  contacts (it always starts with a CRM, doesn’t it?) They bootstrapped their company.  The spouse would start using the software, maybe the broker noticed and asked if other agents in the office could use it, fast forward 3 years, and a company is born.

Nowadays typically I see young founders with funding from VC firms or other outside sources and they have ideas about some level of disruption of real estate.  Or they see the quality of some software applications and think that they can do better.  The biggest difference is the shear confidence, ambition and smarts these new generation of vendors have.   As a bonus they really have great taste in software.

Enter Sheila Reddy.  Sheila is the founder and CEO of Mosaik.  Sheila describes Mosaik as the “operating platform for agents, teams and brokerages”.  In the parlance of the broker/teams software world I would call this an “end to end platform”.  Due to this approach Mosaik really does a great job of focusing on the entire client experience.  Craig Rowe at Inman News did a really great review of the product you can read here.

Sheila came from the healthcare industry and saw a few parallels in software design/quality for the real estate industry.   She knew it could be better.  And to say Mosaik is ambitious is an understatement.  MLS data?  Yup.  Form integration.  Of course.  AI? Duh!  Client collaboration?  Absolutely. Schedule Showings? You betcha! Native mobile app? We got you!

Framing all this functionality is a beautiful and simple UI.  The biggest challenge she has is just the sheer magnitude of the feature set.  As someone who has always favored small simple “it does one thing and it does it well” type of software applications I am impressed with what she and her team has created.

The industry needs more founders like Shelia.  Their ambition, drive and optimism is just what the doctor ordered. If you are brokerage or a team you should check it out, the video on her website alone is worth the watch.

Listing Bits Episode 84: Enabling Collaboration in the Home Buying Experience – with Tom MacLeod of ZenList

In preparation for a move, Tom MacLeod and his wife were looking at properties in the Bay Area. Tom was on Redfin. His wife was on Zillow. And they were receiving listings via email from their agent.

But none of the applications talked to each other. So, Tom was making a spreadsheet when he thought, “There’s got to be a better way.”

Tom is Cofounder of Zenlist, an agent-to-client home search that enables efficient collaboration by putting everyone in the same space. 

On this episode of Listing Bits, Tom describes how @properties helped him develop Zenlist and what differentiates his app from Homespotter, RealScout and other competitors in the space.

Tom shares Zenlist’s initial growth strategy, explaining why it didn’t include targeting MLS customers and how that’s changed.

Listen in to understand how Tom’s team gets consumers to download an app and learn how Zenlist is facilitating collaboration in the homebuying experience.

What’s Discussed:  

How Tom’s experience with moving inspired him to build Zenlist

Why Tom made the decision to bootstrap Zenlist over taking venture money

How Zenlist facilitates collaboration in the homebuying experience

Tom’s experience of developing Zenlist with the help of @properties

Zenlist’s initial growth strategy and why it didn’t include targeting MLS customers

What differentiates Zenlist from Homespotter, RealScout and other competitors in the space

Tom’s ambition to serve both real estate agents and consumers

Zenlist’s mobile capabilities and how it was called into action during the Rapattoni outage

How Zenlist is overcoming the challenge of getting consumers to download an app 

How consumers benefit from using Zenlist vs. Zillow or Redfin

Connect with Tom MacLeod:

Zenlist

Email tom@zenlist.com 

Resources:

SNL Skit on Zillow

Leo Pareja at eXp

Trackxi

Our Sponsor:

Cloud CMA for Brokers

Industry Relations Podcast: What Has Really Changed In The MLS Industry?

On this episode of Industry Relations Rob and I discuss what has really changed in the MLS industry. One thing that has always been a constant in the MLS industry is change. With technology rapidly evolving and consumer demands continuously shifting, it’s no surprise that the MLS landscape is constantly adapting.

But what does this mean for those working in the industry? Are there new skills or knowledge that are now required to succeed?

Watch us on YouTube!

Resources:

Greg’s YouTube

Connect with Rob and Greg: 

Rob’s Website

Greg’s Website

Our Sponsors: 

Notorious VIP

This podcast is produced by Two Brothers Creative 2023.

Listing Toolkit review with Cloud CMA integration

Listing Toolkit by Realtor.com is a surprisingly valuable, lightweight marketing solution: Tech Review

“Listing Toolkit is a resource for agents to attract more seller clients and uncover buyers seeking their homes, among other benefits. It’s for those with Realtor.com Pro accounts and has a full integration with Lone Wolf’s Cloud CMA to quickly build dynamic presentations that can be juxtaposed with a wide range of buyer traffic data to demonstrate demand across the entire Realtor.com coverage area. It enables quick property advertising campaigns and allows for self-promotion and branding using Realtor.com’s UpNest product suite, which allows for paid increases in reach. Overall, the experience is supported by a modern, consumer-facing UI and should pose little challenge to learn. It could be a nice value-add to the tech stack of agents with reasonable marketing budgets, and a good use of time for small, tech-forward brokerages and teams with marketing staff.

Craig Rowe for Inman News

Good write up from Craig. As I’ve written about before I think the realtor.com team did a great job with Lone Wolf with the integration.

Beignets, Gumbo, and Gratitude: CMLS 2023

It was great to be back in New Orleans last week. From what I heard this was the largest attended CMLS ever. With so much going on in the industry it made sense everyone wanted to be together. Plus it was the “10 year anniversary of the 10 days session”.

I hadn’t been to New Orleans since pre-pandemic. Not sure if it was just me but the streets seemed a little cleaner, and the beignets a little heavier.

News dropped of Redfin “leaving NAR” on Monday while I was traveling. GFK certainly knows how to work the press and the timing of the release was genius. I think towards the middle of the week the initial shock wore off and left most of whom I talked to with more of a shrug. Same thing with the news that Anywhere (and RE/MAX?) won’t require franchisees to join NAR. Since it’s not a mandate I don’t think anyone will care. But I do think the optics from outside the industry is the real story here. With NAR‘s recent bad press in the New York Times, inventory shortage, affordability, and high interests rates may lead some people to believe where there’s smoke there’s fire. Especially when you read the misleading headlines.

I didn’t get to attend many sessions. But heard a lot of good feedback on the “What If Mindset” presenter. I did give a talk at the CEO Forum held Tuesday afternoon and was surprised at the level of interaction I got from the group, which in my experience don’t easily share opinions in public. But this is the CMLS Conference after all. One thing I heard afterwards from some MLS execs was the concern that over the years CMLS has worked more closely with NAR and how that might “bite us in the butt” in light of all the shenanigans lately. But, who can tell?

The lobby bar chatter was filled with vendors telling lies to each other, talk of lawsuits, joint ventures, and changing business models and dinner plans.

I ate like a king, and broke my rule the first night. I did manage to get to bed early Wednesday night in preparation for my Industry Update session on Thursday. I spent all Thursday morning creating the slide deck and rehearsing in my hotel room. Which if anyone had a hidden camera would look like an insane person making funny faces and saying the same things over and over in to a mirror.

I was backstage with Sunny getting ready for my session. Andy Woolley was set to introduce me. I was told that Andy would go out first, then introduce me and I would come out second. I had no idea what actually was about to happen. They announced Andy and my handler told me to go on stage as well. Then Andy delivered a masterclass in roasting. He had the crowd howling and he’s expertly delivered well timed cuts and jabs, all at my expense. It was hilarious!! Bravo Andy!

With so much going on in the industry, my Industry Update session was one of the best yet. And the last slide got a standing ovation (or so I’m told, I left the stage pretty quickly). I hope to have that video of Andy and I posted soon. The feedback I received was so kind and I’m glad I could bring a bit of levity to everyone’s day.

I left the CMLS Conference feeling a bit tired (NOLA) and also energized. I’ll have a few announcements due to meetings I had at the event in the weeks to come.

My thanks to Denee and the entire CMLS staff for having me and once again putting on such a great event.

Help find a cure for pediatric brain cancer

My son Toby is part of CIBACS (Center for International Business and Communication Studies). CIBACS  is partnering with the McKenna Claire Foundation (MCF) to raise funds for both pediatric brain cancer research and CIBACS.  Over the past 11 years, MCF has donated over $144,000 to our local schools in partnership with the Play It Forward Golf Tournament and Golf Ball Drop.  CIBACS will receive 50% of the proceeds for every ball sold by CIBACS students.  The first ball in the hole or closest to the pin will win $2,500!!! All purchased balls will be assigned a number and be part of the helicopter golf ball drop being held just before sunset on Friday, October 20, 2023 at the Tijeras Creek Golf Club.  Balls are $10 each.  The winner does not need to be present to win.   

  1. Head to this link => https://e.givesmart.com/events/x2F/ and click “Enter Here” under the helicopter golf ball drop title
  2. Choose how many golf balls you’d like to buy, Or just make a donation. Remember 1 ball = $10. Hit next below when you finish
  3. Fill out all the information it requires (sorry the form is kinda long we don’t have any control over that), when it  comes to “Student you are supporting”, enter the name “Robertson, Tobias” and under that, the “Teacher & Period” you are supporting is “Boone Period 2 (Juniors)”

Thank you!

VestaPlus

My thanks to VestaPlus for sponsoring this month’s Vendor Alley! Following the success of THEMLSPRO®, in 2018, The MLS™ unveiled its next-generation software, VESTAPLUS™, an innovative and versatile suite of MLS software solutions founded on the idea of working with real estate professionals to develop technology solutions that are powerful yet easy to use. VESTAPLUS™ has become a leading technology vendor and winner of the 2020 HousingWire Tech100.

VestaPlus has just announced at Strategic partnership with Central Wisconsin MLS for their Checkmate Listing Violation Detection(tm).

VESTAPLUSTM MLS Software Solutions Announces Strategic Partnership with Central Wisconsin MLS to License Checkmate Listing Violation DetectionTM Software

“CWMLS, a wholly owned subsidiary of Central Wisconsin Board of REALTORS®, consists of over 150 Firms and over 700 REALTORS® Members. By joining forces with VESTAPLUSTM, CWMLS will transform the way they detect listing violations, ultimately saving time and money.

Checkmate will be tailored to meet the specific needs and requirements of Central Wisconsin MLS, providing a personalized solution that aligns with the organization’s goals. With its state-of-the-art technology, Checkmate automates the listing violation detection process, reducing the need for manual oversight and minimizing errors in the data.”

-VESTAPLUSTM MLS Software Solutions
Sponsored By MLS Reset