TrustFunds Hires Miguel Berger as VP of MLS and Industry Relations
“Miguel has a deep understanding of the industry and changes the real estate market is experiencing right now,” said Lynn Leegard, Owner and President of TrustFunds. “His relationships and experience in the industry will be a tremendous asset in continuing TrustFunds mission to provide best-in-class electronic payments.”
Congrats Miguel!
I’ve shied away from doing lists in the past. Once, I even created an “Anyone But Bob Hale Awards,” since Bob has won just about every award imaginable. But in the end, I gave the award to Bob anyway.
Another reason I’ve avoided lists is that many feel pay-to-play or come with certain agendas. I get that this is the nature of these lists—and to be honest, I’ve been included on a few myself. Lastly, they’re often just too long: The Top 100, The Top 200, etc.
But as we close out a truly crazy chapter in organized real estate, I couldn’t resist putting together a list of my own. I’m not sure if I’ll do this every year, but this year I wanted to highlight a few people who genuinely deserve recognition. To keep things manageable, I’ve narrowed it down to three. Here they are, in no particular order:
James Dwiggins. I’ve worked with James over the years. His company, NextHome, was a major customer of W+R Studios and one of the first to embrace custom themes for Cloud CMA. Over the past year, however, James has stepped up as a leader, educating the industry on the NAR Settlement, advocating for best practices, and sparking important conversations through his excellent Real Estate Insiders Unfiltered Podcast, which he co-hosts with the wonderful Keith Robinson. He’s also a frequent and impactful speaker at industry events.
On top of all that, James is a family man, married with a young daughter, yet he has devoted so much of his personal time to this industry. And, as if that wasn’t enough, he’s also been busy launching an exciting new startup, Rayse. My hat’s off to you, James—thank you for all you’ve done this year to keep the industry we love moving forward.
Leo Pareja. Leo first came onto my radar as one of the co-founders of Remine. Longtime readers of Vendor Alley might remember that I was highly critical of some of Remine’s business practices and leadership. Their dirty laundry was aired in outlets like Inman News. However, I always heard that Leo was different, and that he had distanced himself from some of the other founders during those turbulent times..
Leo is different. Glenn Sanford deserves credit for appointing Leo as CEO of eXp Realty, where his leadership has been exceptional. His work on consumer-friendly forms prompted much of the industry to take a second look at their own practices. And now, his stance on CCP (Clear Cooperation Policy) continues to impress.
What’s more, it’s refreshing to hear someone running a public company who speaks plainly, cutting through the corporate jargon. Thank you, Leo, for leading by example and pushing the industry forward.
Ed Zorn. Over the past couple of years, it seems like there wasn’t an event I attended where Ed Zorn wasn’t speaking. The same goes for podcasts—he even appeared on Industry Relations with Rob Hahn and me a few times.
During this time, Ed became the industry’s “great explainer.” No one did more to break down the complexities of the NAR Settlement and its implications than Ed. But he didn’t stop at explaining—Ed and CRMLS proposed thoughtful solutions to help guide the industry through turbulent times.
Like James and Leo, Ed has devoted a significant amount of his personal time to helping the industry navigate these challenges. Thank you, Ed, for being a steady voice of reason and a source of actionable ideas during this transformative period.
I don’t have a fancy trophy to hand out, or a magazine to put your faces on, but you all have my thanks for doing what’s right.
CoStar will not acquire portal Realtor.com after all
“During Tuesday’s investor call, Florance compared CoStar’s portal ambitions to the choice consumers face between buying a home verses building something new. But thanks to what Florance described as Homes.com’s success with traffic, and its positive reception within the real estate industry, CoStar has apparently settled for now on the building, rather than buying, strategy.
We feel we have a unique offering on the organic side that no one else is offering out there,” Florance said at another point during the call.
Tuesday’s earnings report states that Homes.com now has more than 20 million unique monthly visitors.”
I guess we shouldn’t be surprised, remember when CoStar was going to buy CoreLogic? Good times.
Ultimately this was a head-scratcher anyway, how was CoStar going to manage two brands? Rob and I went over this on an episode of Industry Relations.
I love the optimism here from Andy, but Realtor.com traffic is roughly 5 times that of Homes.com, and Zillow is 10 times that of Homes.com. I still can’t believe Andy’s grand plan is to “beat Zillow”, especially organically. I keep believing there has to be something else…some other plan yet to be revealed. Beating Zillow seems like a fool’s errand.
As a wise man once said, “never get involved in a land war in Asia.”
Early this month, in an unprecedented move, the Department of Justice pulled out of its proposed settlement with NAR. And soon thereafter, President Biden issued an Executive Order on Promoting Competition in the American Economy.
An executive order with a specific clause concerning ‘exclusionary practices in the brokerage or listing of real estate.’ So, what’s going to happen next?
On this episode of Industry Relations, Rob and Greg discuss what Biden’s executive order means for real estate, describing the kind of regulations the FTC might impose on the industry in 2022.
They address the influx of institutional capital in real estate in the last two years, exploring what that could mean for buyer’s agent commissions and why it actually might be good for NAR’s renegotiation with the DOJ.
Listen in for insight on the need for price discrepancy between a good and bad buyer’s agent and get Rob and Greg’s opposing predictions on how the government might change the rules around cooperation and compensation—or not.
What’s Discussed:
How the DOJ reneged on its settlement with NAR and why it’s a big deal
What Biden’s executive order on competition means for real estate
The ideas re: concentration of power behind the Bradeis movement
Why Rob thinks the real estate lobby is at its weakest right now
Greg’s prediction that mortgage banks will step in to keep buyer’s agent commissions the same
The influx of institutional capital in real estate in the last two years (and why that might be good for NAR’s renegotiation)
The number of new business models designed to help consumers buy, sell and finance homes
Rob’s view that institutional investors will support the elimination of buyer’s agent commissions
The lack of price discrepancy between a good and bad buyer’s agent in real estate
Rob’s thought experiment re: whether the rich need buyer’s agents
Rob’s prediction that the FTC will issue proposed regulations for real estate
Connect with Rob and Greg:
Resources:
Blockchain and Real Estate on Notorious POD EP022
Justice Department Withdraws from Settlement with the National Association of Realtors
Rob’s Post on the DOJ Pulling Out of Its Settlement with NAR, Part 1
Rob’s Post on the DOB Pulling Out of Its Settlement with NAR, Part 2
Biden’s Executive Order on Promoting Competition in the American Economy
‘Amazon’s Antitrust Paradox’ by Lina M. Khan
‘BlackRock Is Not Ruining the US Housing Market’ in The Atlantic
Rob’s Response to The Atlantic Article
Rob’s Post: Do the Rich Need Buyer’s Agents?
Our Sponsors:
The MLS™/CLAW Partners with Plunk to Power Agents with Real-time Home Analytics Platform
“Plunk, the first real-time analytics platform for residential real estate, today announced a partnership with The MLS/CLAW, a leading multiple listing service in Southern California and next-generation software company, to provide its 20,000 members with access to real-time and dynamic home valuation tools.”
Rob Hahn and I interviewed David Bluhm (co-founder of Plunk) on our podcast Industry Relations. Plunk has some pretty big goals and while I think nothing beats the eyes, ears, and nose of a good real estate agent when it comes to home valuations Plunk tools may offer supplemental data points to help them in their jobs as real estate agents.
“Zillow Group (NASDAQ: Z and ZG) today announced it has closed on the acquisition of VRX Media. This real estate media marketing and services leader is known for its aerial drone photography, virtual staging, 3D tours, high-definition photography and fast-media delivery to clients, which is made possible through the company’s national professional photographer network. Zillow Group will continue to offer VRX Media’s services through the ShowingTime+ software suite.”
Smart, and obviously a move to help Zillow compete against CoStar’s yet-to-be-announced launch of the new Homes.com which is said to offer “listing enhancement” packages.
I had made a prediction on the Industry Relations podcast that CoStar might buy Matterport because Matterport had recently bought VHT Studios which also had a nationwide professional photographers network. I guess Zillow thought it was a good idea too.
Dear Readers,
I just wanted to send a quick thank you to all of you. I appreciate the comments and the interaction I have with everyone on this blog. Still hard to believe I’ve been writing here for over 15 years.
This past year the Industry Relations podcast I do with The Notorious ROB (Rob Hahn) has really taken off. I think a big factor in its success is Rob and my commitment to recording weekly.
I wish I could say the same for my blogging schedule, this year I’ve been especially lax. So, I making a new commitment to posting on Vendor Alley on all business days. This means I might expand my writing to cover topics I normally haven’t written about. But I hope to keep it entertaining.
I’m also changing the way companies can sponsor Vendor Alley, read about it here. Please reach out.
From all accounts, 2023 will be a challenging year for real estate. I want everyone to know that if there is anything I can do to help, please don’t hesitate to reach out. We can do this.
Happy New Year,
Greg
The Department of Justice pulled out of its proposed settlement with NAR and President Biden has issued an executive order addressing ‘exclusionary practices’ in real estate. Now, more than ever, NAR will need to exercise its political power to fight off FTC regulations. But how much political pull does the organization really have?
On this episode of Industry Relations, Rob explains why he thinks NAR is the weakest it’s ever been politically, discussing how changes to the Code of Ethics harmed the organization’s unity and what that might mean for contributions to RPAC.
Greg offers the counterargument that NAR’s record-high membership is a reflection of its political capital, and our hosts explore the concerns professional staff and academics in DC have raised around real estate for the last 20 years.
Listen in to understand how the insanity of the 2020 housing market might influence the way the public thinks about real estate and learn what you should be doing to combat potential government regulations or plan for lower commissions moving forward.
What’s Discussed:
Why Rob thinks NAR is the weakest it’s ever been politically
Greg’s counterargument that NAR’s record-high membership is a reflection of its political capital
What a conversation between an NAR lobbyist and the chief of staff for a senator might sound like
How changes to the NAR Code of Ethics harmed the organization’s unity (and what that might mean for RPAC contributions)
How NAR’s head lobbyist’s connection to the Trump organization might impact her ability to get the REALTOR agenda through
The concerns professional staff and academics in DC have raised re: real estate for the last 20 years
How the insanity of the 2020 housing market might influence the way the public thinks about real estate
Rob and Greg’s challenge to listeners to engage their membership in conversations around potential regulations
The benefit of contingency planning for lower commissions
Connect with Rob and Greg:
Resources:
Justice Department Withdraws from Settlement with the National Association of Realtors
Biden’s Executive Order on Promoting Competition in the American Economy
NAR Code of Ethics & Professional Standards Policy Changes
REALTORS Political Action Committee
Phillip Cantrell on The Notorious POD EP017
Our Sponsors:
Word about this has been out there for a couple of weeks but Adrese made it official on his LinkedIn page. I was a bit surprised about the move, but you can’t fault Zillow for having an eye for talent.
I first met Adrese some 25 years ago, he had made the move from PRC/Interealty to OCMLS, which became SoCalMLS then CRMLS. You can’t be any more OG than belonging to the PRC mafia.
I also hear there has been a significant reorg in the agent product and industry relations team at Zillow. Along with these new strategic changes, I think we will see more new faces and some old ones departing. Developing…
Welcome to the vendor side Adrese!
From a vendor’s perspective, small MLSs are the most challenging to work with. And that’s no surprise, seeing as how they have fewer resources than the big players in the space.
So, how do we support MLSs with fewer than 400 members in keeping up with NAR rules, for example? Is there a way MLSs might share marketing, support, and compliance services in a way that makes the market work better for all involved?
Betsy Hanson is General Manager and General Counsel at Markt, a multi-MLS service organization focused on pooling resources and expertise to serve MLSs, brokers, and agents.
On this episode of Listing Bits, Betsy shares her journey from an executive assistant at a small association to her current role at Markt, describing how she avoids the attorney’s reputation as the Department of No.
Betsy offers her take on what organized real estate is missing about the life and times of an ordinary REALTOR, why the average agent doesn’t understand the lawsuits facing the industry, and how those lawsuits might change the way we do things moving forward.
Listen in to understand how Markt works as an MLS back-office provider and learn how Betsy and her team are uniquely positioned to help MLSs of all sizes with local market delivery.
What’s Discussed:
Betsy’s journey from an executive assistant at a small association to General Counsel at Markt
What differentiates the role of executive assistant from that of the chief of staff
How Betsy avoids the attorney’s reputation as the Department of No
Betsy’s experience teaching English in China between undergrad and law school
What organized real estate is missing about the life and times of an ordinary REALTOR
Why the average REALTOR-on-the-street doesn’t know about the lawsuits facing the industry
How public perception of REALTORS remains positive despite lawsuits around compensation
Betsy’s predictions re: how the lawsuits facing organized real estate might play out
How Markt began as a way for MLSs to pool support resources and create efficiencies
Markt’s potential to solve the challenge small MLSs face in keeping up with NAR rules
Connect with Betsy:
Email betsy@themarkt.com
Resources:
Our Sponsor:
