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Industry Relations with Rob Hahn and Greg Robertson

Rob Hahn a.k.a. The Notorious R.O.B. and Greg Robertson discuss organized real estate in a disorganized manner.
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Industry Relations with Rob Hahn and Greg Robertson
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Jul 24, 2020

For every tech platform that sets out to disrupt real estate, there’s a story of slow evolution to working with brokers and agents. And while companies like Zillow, Opendoor, and Offerpad have brought about minor changes to the home buying process, they always end up morphing into our traditional system. Why is it that these so-called disruptors just can’t change the way we do real estate?

In this episode of Industry Relations, Rob and Greg are exploring why would-be disruptors have such a hard time changing real estate. Greg walks us through his five-stages-of-grief analogy around how tech platforms always end up working with brokers and agents, and Rob compares real estate with the auto industry, reflecting on how little buying processes have changed despite advancements in technology.

 

Rob and Greg go on to introduce the idea that the human connection is what prevents tech disruptors from succeeding in our industry, speculating that agent teams have been the biggest disruptor in real estate in recent years. Listen in for insight on how human knowledge and connection factor into making tech platforms successful and learn why the human need for approval is not disruptable.

What’s Discussed: 

Rob’s take on the two possible reasons why disruptors have trouble in real estate

--System has been perfected over time

--Entrenched infrastructure (need billions to play)

Greg’s five-stages-of-grief analogy re: how disruptors end up working with agents

The similarities and differences between real estate and the auto industry

--Way we buy + sell changed little in spite of technology

--Remember dealership but not broker (agents ≠ employees)

How technology has expanded consumer knowledge around price, inventory, etc.

Greg’s insight that real estate tech disruptors struggle because they lack human connection

Why agent teams have been the biggest disruptor in real estate in recent years

How Zillow has evolved its Zestimate algorithm to include human knowledge

Why Rob believes that our human need for approval is not disruptable

What makes Zillow the most likely platform to cause true disruption in real estate

The Tom Ferry study around top agents living paycheck to paycheck

Connect with Rob and Greg:

Rob’s Website

Greg’s Website

Resources:

Rob’s Blog on Innovation in Real Estate

TrueCar’s No-Haggle Price

Notorious ROB on Facebook

Our Sponsors:

Cloud Agent Suite

Notorious VIP

 

Jun 29, 2020

Long-distance relationships are never easy. And if you’re part of the traveling circus that is the real estate conference circuit, you may be struggling to keep your professional relationships going in a virtual environment. Would being an orc help?

 

On this episode of Industry Relations, Rob and Greg are discussing the current pause in the real estate conference and trade show circuit and mourning the loss of chance meetings that don’t happen in a virtual environment. They explore why massively multiplayer online games (MMOs) like World of Warcraft work to create community and how real estate might replicate that always-on culture until the conference circuit comes back.

 

Rob and Greg go on to cover the challenge of sustaining long-distance relationships in an online world, explaining why we just can’t duplicate face-to-face interaction at virtual events. Listen in for insight on how going virtual is impacting MLSs, associations, and vendors and learn about the possibility for a 2020 MLS Proptech Symposium (which Rob wants to rename to the “2020 MLS Herd Symposium”) that would help sponsors make decisions about the feasibility of their own fiscal events.

 

What’s Discussed: 

 

The current halt to the real estate conference/trade show circuit

What Greg covers in his forthcoming book, The Art of the CMA

The chance meetings that don’t happen in a virtual environment

Why we can’t duplicate face-to-face interaction through virtual events

The challenge of sustaining long-distance business/personal relationships

Why MMO games work to create community + how real estate might replicate that always-on culture

When the real estate conference circuit will come back

The impact of going virtual for MLS and association communities

--Increased engagement and attendance

--Eliminates serendipity of networking

How new vendors might build trust in the absence of in-person interaction

What we can do to gauge circuit response to physical events

 

Connect with Rob and Greg:

 

Rob’s Website

Greg’s Website

 

Resources:

 

CMLS 2020

RESO 2020 Fall Conference

Inman Connect 2020

2020 NAR Realtors Conference and Expo

Cover Art Choices for Greg’s Book

Charles Warnock

VirBELA

Second Life

EverQuest

Asheron’s Call

MMORPG

World of Warcraft

Roblox

Overwatch

Discord

Dungeons and Dragons Online

ARMLS

GoToMeeting

Greg’s Draft Agenda for the 2020 MLS Proptech Symposium (with Rob's edits)

 

Our Sponsors:

 

Cloud Agent Suite

Notorious VIP

 

May 28, 2020

The Coronavirus forced many of us to work from home, leveraging technology to do our jobs remotely. Not only has this made us more comfortable with digital tools, it has us rethinking the need to commute to our offices on a daily basis. So, what do these changes mean for the real estate industry?

On this episode, Errol Samuelson, Chief Industry Development Officer at Zillow, joins Rob and Greg to share his top predictions around the post-pandemic future of real estate. He explores how commercial real estate is likely to change in light of COVID-19 and speaks to the potential to make transactions 100% digital moving forward.

Errol weighs in on how different geographies experienced the pandemic in different ways and how he thinks about the crisis’ potential long-term psychological impact. Listen in as Errol shares Zillow’s most recent stats on the changing consumer preferences for homes and learn how our growing comfort with virtualization will impact the way brokers and agents do business in the future.

 

What’s Discussed: 

 

Errol’s top predictions re: the post-pandemic future of real estate

How commercial real estate will change in light of COVID-19

The potential to make real estate transactions 100% digital

The accelerated consumer use of digital tools in the home search process

How Errol thinks about the possibility of virtual appraisals

How virtualization is likely to impact brokers and agents

Zillow’s stats on how working from home is shifting consumer preferences

How cities may look different in a post-pandemic world

The possibility for COVID-19 to have a long-term psychological impact

How different geographies experienced this pandemic in different ways

What sci-fi technology is likely to change real estate in the near future

How Zoom is driving changes in the way we communicate

Connect with Errol:

Errol on Zillow

@ErrolSamuelson

 

Connect with Rob and Greg:

Rob’s Website

Greg’s Website

 

Resources:

Dotloop’s 8 Predictions About the Post-Pandemic Future of Real Estate

The New York Times Article on Working from Home

CMLS Events

Books by Nassim Nicholas Taleb

The Atlantic Piece on the ‘Patchwork Pandemic’

Glenn Kelman’s Diary of a Pandemic Part 1

Glenn Kelman’s Diary of a Pandemic Part 2

Glenn Kelman’s Diary of a Pandemic Part 3

Cloud CMA Live

 

Our Sponsors:

Cloud Agent Suite

Notorious VIP

May 11, 2020

Last week, Rob & Greg imagined what the future of real estate might look like in the aftermath of the pandemic, pending a best-case scenario. Today, they get real about what’s ahead for the industry given the reality of our current circumstances. And they’re bringing on a number of industry stakeholders to offer their outlook as well.

On this episode of Industry Relations, Rob and Greg are leading a group chat around what’s next for real estate as the Coronavirus pandemic plays out. The group offers predictions on how the MLS landscape may change, debating whether it’s the number of MLSs or the number of MLS databases that really matters and offering examples of hybrid solutions that may serve as a model for the future.

Greg and Rob go on to solicit the group’s thoughts on the potential shape of the recovery curve and the possibility of a shift to a buyer’s market in 2021. Finally, they explain why an increase in property taxes is likely in the aftermath of the COVID-19 bailout and how that might impact buyer demand in the real estate market. Listen in for insight on Open House numbers in states where stay-at-home orders have been lifted and learn how those stats might be a good sign for other industries.

What’s Discussed: 

A review of what Rob & Greg covered in their best-case discussion

Greg, Clint Skutchan, & John’s predictions re: the number of MLSs by 2023

Why the consolidation of data is more important than the total number of MLSs

Tim Dain’s vision of a future with ten or fewer MLS databases that talk to each other

How the pandemic demonstrates the industry’s underutilization of telecommunication

Why Georgia is watching the commercial market for clues re: the future of residential

Georgia’s concept of a J-shaped recovery

Why Joshua Lopour is predicting a buyer’s market in 2021

Why Greg expects a best-case scenario uptick in buyer demand

Why property taxes are likely to increase and how that might impact buyer demand

The significant uptick in Open Houses scheduled in states where stay-at-home orders have been lifted

How Open House numbers may be a good sign for other industries

Connect with Rob and Greg:

Rob’s Website

Greg’s Website

Resources: 

MLS Grid

MLS Aligned

Northstar MLS CDP

MetroList

Great Recession + COVID-19 Bailout Comparison

ShowingTime Showing Activity Statistics

 

Our Sponsors:

Cloud Agent Suite

Notorious VIP

Apr 15, 2020

Imagine a best-case scenario in which the Coronavirus is under control and the country is up and running by May 1. How have our social norms changed? What do these cultural shifts mean for organized real estate? And how is the industry different in a post-COVID-19 world?

On this episode of Industry Relations, Rob and Greg get relentlessly positive, discussing the post-Coronavirus landscape of the real estate industry should the best happen. They weigh in on the cultural shifts that are likely to occur in the aftermath of COVID-19, predicting which rituals will persist once the current restrictions have been lifted.

Greg and Rob go on to debate what open houses will look like in a post-pandemic world, why showings may (or may not) be restricted to serious buyers, and when we might be back to pre-COVID transaction levels. Listen in for our hosts’ best-case expectations regarding buyer demand as well as NAR membership and brokerage numbers come September—pending a V-shaped recovery. 

What’s Discussed: 

Rob & Greg’s parameters for this potential best-case scenario

  • Vaccine or cure for virus (no resurgence)
  • All restrictions lifted, back to work on 5/1

How the culture is likely to shift in the aftermath of COVID-19

What open houses will look like in a post-Coronavirus world

Why Rob believes showings will be restricted to serious buyers

When we might be back to pre-pandemic transaction levels

Why Greg expects a best-case scenario uptick in buyer demand

Rob’s prediction of a 20% drop in first-time homebuyers

Why Rob & Greg anticipate a 20% decline in NAR membership

How Rob & Greg differ around which agents will leave

The potential for 25% of small brokerages to join a larger team

 

Connect with Rob and Greg:

Rob’s Website

Greg’s Website

Our Sponsors:

Cloud Agent Suite

Notorious VIP

Apr 10, 2020

On the surface, the government’s effort to support homeowners through forbearance is a good thing. Many Americans have lost their jobs because of the Coronavirus pandemic and simply don’t have the resources to make a mortgage payment right now. But what does this mean for the servicing industry? Why are lenders concerned about the unintended consequences of Washington’s response? 

 

On this episode of Industry Relations, mortgage banking expert Rob Chrisman joins Rob and Greg to discuss what’s happening in the capital markets as a result of the Coronavirus shutdown. He walks us through how a mortgage functions as a product, explaining the relationship between the servicer and the end investor in a mortgage-backed security or MBS.

 

Rob C. addresses how government forbearance for borrowers will impact big banks as well as smaller, independent lenders and weighs in on Ginnie Mae’s promise to back nonbank servicers lacking the capital to pay investors. Listen in to understand how the Federal Reserve’s activity in the MBS market affects mortgage servicers and learn why the lending system is not broken despite the changes imposed by the health crisis.

 

What’s Discussed: 

 

Rob C.’s background in mortgage banking + understanding of capital markets

How a mortgage functions as a product manufactured and sold to a buyer

The relationship between a mortgage servicer and the end investor

How government forbearance due to COVID-19 impacts mortgage servicers

Ginnie Mae’s promise to back nonbank servicers lacking capital to pay investors

How current circumstances compare to the 2008 recession

The tens of billions of servicers will owe in margin calls due to the MBS price increase

The consequences of the Federal Reserve’s activity in the MBS market

Why the non-QM and jumbo loan markets are on life support

Why Rob C. is predicting a V-shaped recovery for residential lending

How underwriting guidelines have changed in light of the global shutdown

Why property values are unlikely to take a dive across the board

 

Connect with Rob Chrisman: 

Rob’s Daily Mortgage & News Commentary

 

Connect with Rob and Greg:

Rob’s Website

Greg’s Website

 

Our Sponsors:

Cloud Agent Suite

Notorious VIP

Mar 16, 2020

No one in the real estate industry planned for a global pandemic to hit in 2020. So, what does a black swan event like the Coronavirus mean for agents, brokerages, associations, MLSs and vendors? How does the potential economic effect of COVID-19 parallel the virus itself?

 

On this episode of Industry Relations, Rob and Greg are discussing the short- and long-term impact the Coronavirus is likely to have on the real estate industry. They explain how fear and uncertainty might hurt the housing market over the next several months and explore the opportunity the pandemic presents for models like Redfin and Opendoor as well as investors with deep pockets.

 

Greg and Rob go on to consider how the cancellation of real estate conferences will cause a domino effect through many other industries and which brokerages, agents and vendors won’t be able to survive this kind of pause in business. Listen in for insight on the serious flaws in our economic system exposed by the health crisis and learn how embracing a little of the prepper mentality can help us respond and adjust to a black swan event like the Coronavirus.

 

What’s Discussed: 

The short-term impact Coronavirus might have on the housing market

  • Buyers take wait-and-see approach
  • Retreat of first-time homebuyers

The potential opportunity for models like Redfin and Opendoor

How investors are likely to take advantage of low-interest rates

The cancellation of real estate events and its domino effect through other industries

How the economic fallout of the Coronavirus parallels the virus itself

The brokerages, agents and vendors who may not survive a pause in business

How the pandemic exposes flaws in our economic and healthcare systems

Rob’s insight around manufacturing necessities here in the US

The pros and cons of having the world’s reserve currency

Embracing the prepper mentality to survive unforeseen circumstances

Connect with Rob and Greg:

Rob’s Website

Greg’s Website

Resources:

Rob’s Post on COVID-19

President Trump’s March 11 Address

Nassim Nicholas Taleb

The Black Swan: The Impact of the Highly Improbable by Nassim Nicholas Taleb

Antifragile: Things That Gain from Disorder by Nassim Nicholas Taleb

Our Sponsors:

Cloud MLX

The Notorious VIP

Feb 28, 2020

What does organized real estate look like in 2030? Who is winning?

Incumbent brokerages are betting on the recruit-and-retain model that has worked for the last several decades, doubling down on the agent’s sphere as their primary source of leads. Disruptors are betting on a world where the agent matters less than the brand itself, where realtors are only responsible for service delivery and leads are generated entirely through the institution’s online platform. Who is your money on?

In this episode of Industry Relations, Rob and Greg are discussing the themes that came up at Inman’s CEO Connect and the confidence incumbent brokerages have in their ability to outlast market disruptors. They cover the advantages incumbents boast in terms of scale and profitability, exploring whether industry giants are truly all-in on technology and the iBuyer models—or if they’re adding those initiatives simply to overcome agent objections.

Greg and Rob go on to consider a potential decline in the number of agents by the end of this decade and explain why agent teams continue to pose the greatest threat to brokerages. Listen in for insight around how key players in other industries have leveraged the power of incumbency to compete with disruptors and place your bet on either the agent-centric incumbent brokerages OR the institution-focused disruptors.

What’s Discussed: 

The advantages incumbent brokerages have in terms of scale + profitability

Adopting new tech as a marketing ploy to bolster a brokerage’s value prop to agents

Why many brokerages chose to partner with rather than acquire iBuyers

Why successful brokerages can do everything right and still lose market leadership

How key players in the automotive industry have leveraged the power of incumbency

The fundamental difference between real estate incumbents and disruptors

  • Agent-centric, focused on recruiting/retention vs. institution-centric
  • Agents as lead source vs. service delivery only

How the future of real estate will continue to be dominated by agent teams

Why the number of agents is likely to drop to 400K by the end of the decade

 

Connect with Rob and Greg:

Rob’s Website

Greg’s Website

 

Resources:

Inman Connect

The Innovator’s Dilemma: The Revolutionary Book That Will Change the Way You Do Business by Clayton M. Christensen

The Straight Pipes on YouTube

John Campbell on The Notorious Interview


Our Sponsors:

Cloud MLX

Notorious VIP

Feb 28, 2020

At present, MLSs are run like nonprofits. And without a way to raise capital, industry executives limit their vision based on the resources at hand. But what if there were no constraints? What kind of Big Hairy Audacious Goals could MLSs pursue with funding from deep-pocketed venture investors?

In this episode of Industry Relations, Rob and Greg are challenging MLS execs to consider what they would do differently with access to significant capital. Greg weighs in on the discussions around implementing the MLS Statement 8.0 Clear Cooperation Policy (otherwise known as Ocho) that took place at Inman Connect, describing how the differences among individual MLSs will inform its implementation.

Greg and Rob go on to discuss how the challenges associated with switching MLS vendors benefit incumbents and why most MLSs adopt a system of choice approach to consolidation. Listen in for Rob’s take on how MLS execs constrain their vision based on the resources available and take up Greg’s challenge to think about what you would do differently with $5M, $50M or even $500M.

 

What’s Discussed: 

The discussion regarding how to implement the Clear Cooperation Policy at Inman Connect

How Ocho impacts Compass’ strategy for differentiating its listings

How the differences among MLS Coming Soon policies will inform Ocho’s implementation

The possibilities for interpretation around what qualifies as marketing

How the challenges associated with switching vendors benefit incumbent MLSs

What’s behind the system of choice approach adopted by most MLSs

Why Rob contends that MLS execs constrain their vision based on resources

NAR as a trade organization vs. the MLS as a tech product + service provider

Greg’s challenge for MLS execs to consider what they would do with access to capital 

Connect with Rob and Greg:

Rob’s Website

Greg’s Website 

Resources:

Inman Connect

MLS Statement 8.0 Clear Cooperation Policy

Homesnap Pro’s Predictive Analytics

Rob’s Post on the Clear Cooperation Policy

Rob’s Post on the Fundamental Problems in Real Estate

Business Insider Top 15 Real Estate Podcasts

 

Our Sponsors:

Cloud MLX

Notorious VIP

 

Dec 20, 2019

On January 1, 2010, organized real estate was still reeling from the recession. Dale Stinton was steering the ship at NAR. Zillow was seen as the enemy of the MLS. Real estate software was meh. Agent teams were rare. Nearly all brokerages took a split. Selling your house online seemed outrageous. And we still signed documents in pen.

On this episode of Industry Relations, Rob and Greg are looking back at the last 10 years in real estate. They discuss the passing NAR’s MLS Statement 8.0 Clear Cooperation Policy, debating the significance of the office exclusives loophole and how it might lead to government involvement. Our hosts also express their disappointment around the Newsday investigation in Long Island, Testing the Divide, challenging brokerage leadership to make a strong statement against the egregious racism it uncovered. 

Greg and Rob go on to share their top 10 defining moments and trends with the biggest impact on the industry over the last decade, describing how the rise of agent teams, 100% commission brokerages, the iBuyer model and consolidation have transformed organized real estate. Listen in for insight into how NAR’s decision to fund RPR and Upstream changed the way the MLS saw Zillow and explore how the space has evolved from 2010 through the end of 2019.

What’s Discussed: 

NAR’s passing of the MLS Statement 8.0 Clear Cooperation Policy

Rob & Greg’s take on the Newsday investigation in Long Island

How the loophole in 8.0 could lead to government involvement

The 10 defining trends/events in the last decade of real estate

  1. The end of poorly designed software
  2. The rise and domination of agent teams
  3. The transition in leadership at NAR
  4. Opendoor pioneering the iBuyer model
  5. Zillow’s acquisition of Trulia
  6. 100% commission brokerages
  7. Consolidation and the influx of capital
  8. The practice of buying agents/agent teams
  9. The mainstreaming of digital signatures
  10. NAR’s decision to fund RPR + Upstream

Connect with Rob and Greg:

Rob’s Website

Greg’s Website

Resources:

MLS Clear Cooperation Policy

Compass Pre-Litigation Letter to Bright MLS

Bright’s Response to Compass

Newsday Documentary: Testing the Divide

Rob’s Blog on the Newsday Piece

1000watt Article on Real Estate Software

The Millionaire Real Estate Agent by Gary Keller with Dave Jenks and Jay Papasan

Ben Thompson Interview with Rich Barton

Our Sponsors:

Cloud MLX

The Red Dot

Oct 9, 2019

 

It’s our CMLS Conference Pre-Show Podcast!  In an effort to curb the rampant growth of Coming Soon listings, NAR’s Multiple Listing Issues and Policies Committee has issued a proposal to clarify the Clear Cooperation Policy. But will the guidelines actually put an end to pocket listings? Are the rules a good compromise? Or should the MLS die on the hill of all-or-nothing, requiring members to list there first?

 

On this episode of Industry Relations, Rob and Greg discuss NAR’s draft MLS Policy Statement 8.0, exploring whether the guidelines go far enough in preventing exclusive listings. Rob explains why the 24-hour submission window and the concession around office exclusives are a problem, arguing that the MLS must take a stand NOW to establish itself as the primary marketplace for property listings.

 

Greg challenges Rob’s view that the MLS is not already the primary marketplace, applauding the 24-hour window as a reasonable and clever compromise and arguing that pocket listings are a breach of fiduciary duty. Listen in to understand Rob’s proposal to extend the all-in IDX rules to MLS membership as a whole and consider how Policy Statement 8.0 will (or will not) impact the pocket listing strategies employed by large national brokerages.

 

What’s Discussed: 

 

Rob’s take that NAR MLS Policy 8.0 doesn’t go far enough

  • 24-hour submission window
  • Office exclusives not prohibited

Whether the MLS is the marketplace or a data repository

The potential confusion around one-to-one communication

What does and does not qualify as marketing under 8.0

Greg’s view of the 24-hour window as a clever compromise

How Rob defines a primary marketplace as first-in-time

Greg’s challenge that 70% of deals qualifies as ‘primary’

Why Greg sees pocket listings as a code of ethics issue

Extending IDX all-in rules to MLS membership as a whole

How exclusive listings benefit large national brokerages

 

Connect with Rob and Greg:

 

Rob’s Website

Greg’s Website

 

Resources:

 

CMLS Annual Conference

NAR MLS Policy 8.0

MLS Technology and Emerging Issues Advisory Board

Rob’s Post on MLS Policy Statement 8.0

Sam Debord’s Response to Rob’s Post

Rob’s Follow Up Post on MLS Policy Statement 8.0

NAR 2019 Home Buyers and Sellers Generational Trends Report

2019 Zillow Group Consumer Housing Trends Report

 

Our Sponsors:

 

Cloud MLX

The Red Dot

 

Oct 2, 2019

Tremors, in and of themselves, cause minimal damage. But sometimes those tremors are the precursor to something a whole lot bigger. Organized real estate is ripe with these little shakeups, and whether you’re a brokerage, franchiser, vendor, portal or agent, the Tinder-ization of everything WILL impact your business. It’s already changing the way we generate leads and may very well eliminate outbound marketing as a viable option.

 

On this episode of Industry Relations, Rob and Greg discuss a few of the current tremors making waves in organized real estate, starting with the new FCC rule allowing mobile carriers to block unknown callers. They explain how the iOS 13 update might impact lead generation and why inbound and content marketing will become crucial in light of these changes.

 

Rob goes on to explore how the death of outbound marketing could make agent teams that much more important and challenges the idea that agents working with teams qualify as independent contractors under California Assembly Bill 5. Listen in for Greg’s insight around how high agent turnover impacts the way SaaS vendors do business and learn why nimbleness and brand recognition are key to survival in the real estate space.

 

What’s Discussed: 

 

The new FCC rule allowing mobile carriers to block unknown callers

How the iOS 13 update will impact lead generation in real estate

Greg’s insight around the value of inbound + content marketing

How the death of outbound marketing will make agent teams even more important

The distinction between independent contracts and employees in California AB-5

Rob’s argument that team leads qualify as employers under AB-5

How 30% agent churn impacts the way real estate vendors do business

Why SaaS companies in real estate must focus on customer experience

The idea that every day is Day One in establishing brand recognition

Why being nimble is the key to survival in the real estate industry

 

Connect with Rob and Greg:

 

Rob’s Website

Greg’s Website

 

Resources:

 

CMLS Annual Conference

GVLAR MLS Tech Forum

Reimagine! 2019 Los Angeles

REALTORS with Guns Facebook Group

Rob’s Interview with Chris Drayer

Greg’s Post on Telesales

FCC Rule on Blocking Unknown Callers

California Assembly Bill 5

Chris Drayer’s Post on the Death of Lead Gen

CallAction’s Post on iOS 13

 

Our Sponsors:

 

Cloud MLX

The Red Dot

 

Jul 15, 2019

Fight! Fight! Fight!

We’ve always been told that people love it when Rob and Greg argue.  If that true, then we have one of the best Industry Relations Show ever!

With Inman Connect Las Vegas on the horizon, Rob and Greg are facing off over the trend toward exclusive listings and the new Redfin-Opendoor partnership. What does the development of in-house listing programs mean for the industry? And how will the joint venture with Opendoor impact RedfinNow? Our intrepid hosts have very different answers to these questions.

On this episode of Industry Relations, Rob and Greg are discussing the impact of systematic coming soon listings. Rob makes the argument that widespread adoption will take down the MLS, moving residential real estate to the commercial model. Greg makes the case that pocket listings are nothing new and challenges the idea that the MLS will become a ‘dumping ground’ for properties that haven’t sold privately.

Rob and Greg also weigh in on the new partnership between Redfin and Opendoor. Listen in for Greg’s insight around why the collaboration is a genius move that benefits both parties and learn why Rob sees it as a huge concession on Redfin’s part—a concession that will eliminate their own iBuyer operations in each and every Opendoor market.

 

What’s Discussed: 

 

What Rob & Greg are looking forward to most at Inman Connect

Greg’s criticism of Rob’s recent posts on RealScout’s Buyer Graph

Rob’s argument that coming soon programs will take down the MLS

Greg’s counter that exclusive listings are not a new phenomenon

How residential real estate may be moving to a commercial model

Greg’s take on the brilliance of the Redfin & Opendoor partnership

How the new partnership with Opendoor will impact RedfinNow

Rob’s view of the partnership as a concession on the part of Redfin

 

Connect with Rob and Greg:

 

Rob’s Website

Greg’s Website

 

 

Resources:

 

Inman Connect

Notorious R.O.B. Blog

RealScout Buyer Graph

HAR YPN

Howard Hanna Find It First

Top Agent Network

Redfin & Opendoor Partnership

RedfinNow

Offerpad

 

Our Sponsors:

Boost Summit

Notorious V.I.P.

Jun 21, 2019

Traditional brokerages got 99 problems. They’ve got to compete with iBuyers. They’ve got to compete with 100% commission models. They’ve got to innovate new products and services. They’ve got to figure out a way to make money off those products and services. And they’ve got to worry about potential industry regulations and the insane amount of capital flowing in to would-be disruptors. So, what can brokerages do to address the fundamental flaws in the traditional model—and survive the next five years?

 

Today, Rob and Greg are discussing the top issues traditional brokerages face and what they can do about it. They address the implications around Compass’ renewed focus on product and Wall Street analyst John Campbell’s comments regarding the tipping point Realogy and other traditional brokerages face.

 

Rob and Greg weigh in on the fact that brokerages LOSE money on top producers and the challenge of monetizing products and services for agents. Listen in for insight around the future of traditional models like that of Realogy and RE/MAX and learn how agents and brokerages might adapt to the disruptions facing the real estate industry.

 

What’s Discussed: 

 

The public interest argument for representing the buyer’s side

The implications around Compass’ renewed focus on product

John Campbell’s comments on the tipping point Realogy faces

The issues around productivity in a traditional brokerage model

Why brokers need to make money through products + services

How brokerage iBuyer initiatives are really listing lead programs

Why Upstream doesn’t address the problems brokers face now

The fundamental flaws in the traditional brokerage model

The future of Realogy, RE/MAX, Redfin, eXp and Home Services

What agents might do in a world with 60% iBuyer market share

 

Connect with Rob and Greg:

 

Rob’s Website

Greg’s Website

 

Resources:

 

Scratch That Podcast

Gradually … Then, Suddenly! Podcast

The Tom Ferry Podcast Experience

Nick Kremydas on Twitter

Glenn Kelman on Scratch That EP010

‘Is a Compass IPO Coming Soon?’ in Inman

John Campbell’s Comments in MarketWatch

Inman Connect

UpstreamRE

The DOJ’s Scrutiny of Cooperating Compensation on IR EP035

Rob’s Future of Brokerage Black Paper

 

 

Jun 10, 2019

Industry Relations has just been nominated by Inman News Innovator award under the INNOVATIVE VIDEO/PODCAST SHOW category!  Thanks for everyone’s support!

And now on with the show....

When Moehrl v. NAR was introduced in March, the industry response was largely… meh. Then in April, the Department of Justice reached out to the top MLS platform vendor, requiring documents and testimony about MLS data—with a specific focus on cooperating compensation. What is the DOJ likely to find? How might this information impact the class action suit? And what does it all mean for the real estate industry as a whole?

 

Today, Rob and Greg are discussing the Civil Investigative Demand (CID) CoreLogic recently received from the DOJ. They address the possibility of getting compensation data in the absence of a search feature on the MLS and predict whether the DOJ will find buyer-steering to be a widespread phenomenon. 

 

Rob offers his take on why a directive requiring the disclosure of sold information would be more likely than new regulations, and Greg speculates that the industry is unlikely to stand by while the government eliminates cooperating compensation. Listen in to understand how the plaintiff attorneys in Moehrl v. NAR might use the DOJ’s findings and learn why organized real estate needs to take the lawsuit seriously.

 

What’s Discussed: 

 

The Civil Investigative Demand CoreLogic received from the DOJ

Getting compensation data without a feature search on the MLS

What a DOJ study demonstrating buyer steering might achieve

Why disclosure of sold info is more likely than new regulations

How many brokers + agents script for the commission question

How DOJ findings might be used by attorneys in Moehrl v. NAR

How the Canadian Competition Bureau handled this issue

The potential impact of eliminating cooperating compensation

How it could take up to 10 years to resolve the class action case

 

Connect with Rob and Greg:

 

Rob’s Website 

Greg’s Website 

 

Resources:

 

Rob’s Post on CoreLogic & the DOJ

Rob’s 2015 Post on the NBER Study

Randy Ora’s Live Listing Presentation 

Rob’s Post on the Brookings Institute Panel

Competition Bureau of Canada Resolution

Inman Coast to Coast Facebook Group

May 15, 2019

Rob and Greg have often said that Redfin is the most important tech-centric brokerage that no one is talking about. Well, that is about to change with the company’s unveiling of Redfin Direct, a service allowing consumers to buy properties without representation. What’s behind Glenn Kelman’s move to give customers another ‘layer of choice’? And how might the real estate industry respond?

Today, Rob and Greg are discussing the big players who spoke at the T3 Summit, from Rich Barton to Gary Keller to John Peyton. They describe the pervasive nature of brokerages talking strategically about competing with iBuyers and tech as well as the buzz around Art Carter’s call for a new type of organizational structure around the MLS.

 

Greg speaks to the way ‘GFK’ won the room at T3 with his humor and authenticity, and Rob asks about the impetus behind Redfin Direct and how the industry might respond. Listen in for insight around how the program puts Redfin on the radar in a way it hasn’t been before and learn how Redfin Direct might work in conjunction with Redfin Now and the brokerage’s title and mortgage programs.

What’s Discussed: 

Greg’s insight on the big players who spoke at the T3 Summit

Art Carter’s call for a new type of MLS organizational structure

The pervasive nature of brokerages addressing iBuyers + tech

How Glenn Kelman ‘won the room’ with his authenticity at T3

The stark contrast between Redfin and Compass’ mission

Greg’s take on Redfin Direct + the potential industry response

The impetus behind Redfin Direct and how it was announced

How Redfin Direct supports its title + mortgage programs

How Redfin Direct puts the company on the industry’s radar

Connect with Rob and Greg:

Rob’s Website

Greg’s Website

Email gregrobertson@gmail.com

 

Resources:

 

Mike Simonsen, Rob Hahn & Gahlord Dewald Talk Millennials

The T3 Summit

Redfin’s Q1 Earnings Release

Glenn Kelman on Listing Bits EP045

Bill Wendel on Twitter

‘Redfin Direct Offers’ on Bubble Info

Greg’s Blog on Redfin Direct

Andrea Riquier’s Interview with Rob on MarketWatch

 

Our Sponsors:

Cloud MLX

The Red Dot

 

May 15, 2019

Rob and Greg have often said that Redfin is the most important tech-centric brokerage that no one is talking about. Well, that is about to change with the company’s unveiling of Redfin Direct, a service allowing consumers to buy properties without representation. What’s behind Glenn Kelman’s move to give customers another ‘layer of choice’? And how might the real estate industry respond?

Today, Rob and Greg are discussing the big players who spoke at the T3 Summit, from Rich Barton to Gary Keller to John Peyton. They describe the pervasive nature of brokerages talking strategically about competing with iBuyers and tech as well as the buzz around Art Carter’s call for a new type of organizational structure around the MLS.

 

Greg speaks to the way ‘GFK’ won the room at T3 with his humor and authenticity, and Rob asks about the impetus behind Redfin Direct and how the industry might respond. Listen in for insight around how the program puts Redfin on the radar in a way it hasn’t been before and learn how Redfin Direct might work in conjunction with Redfin Now and the brokerage’s title and mortgage programs.

What’s Discussed: 

Greg’s insight on the big players who spoke at the T3 Summit

Art Carter’s call for a new type of MLS organizational structure

The pervasive nature of brokerages addressing iBuyers + tech

How Glenn Kelman ‘won the room’ with his authenticity at T3

The stark contrast between Redfin and Compass’ mission

Greg’s take on Redfin Direct + the potential industry response

The impetus behind Redfin Direct and how it was announced

How Redfin Direct supports its title + mortgage programs

How Redfin Direct puts the company on the industry’s radar

Connect with Rob and Greg:

Rob’s Website

Greg’s Website

Email gregrobertson@gmail.com

 

Resources:

 

Mike Simonsen, Rob Hahn & Gahlord Dewald Talk Millennials

The T3 Summit

Redfin’s Q1 Earnings Release

Glenn Kelman on Listing Bits EP045

Bill Wendel on Twitter

‘Redfin Direct Offers’ on Bubble Info

Greg’s Blog on Redfin Direct

Andrea Riquier’s Interview with Rob on MarketWatch

 

Our Sponsors:

Cloud MLX

The Red Dot

 

Mar 14, 2019

 

To this point, we assumed that the iBuyer model would target homeowners willing to pay for convenience and that the average consumer would continue to employ a real estate agent—and earn more money for their patience. But Zillow’s Q4 numbers reflect that homeowners can actually make MORE selling to the platform than they would with a realtor. So, how does this information impact the potential market share of iBuyers moving forward? And how will it affect the way agents do business?

Today, Rob and Greg are discussing the change in leadership at Zillow, debating the company’s performance under Spencer Rascoff and Richard Barton’s motivation to return as CEO. They explore the possibility of a merger between Opendoor and Zillow, uniting the former’s mastery of workflow with the latter’s proficiency at lead flow.

Rob and Greg also speak to Redfin’s potential to adopt the iBuyer model and the way of thinking shared by Redfin and Opendoor. Listen in to understand the full implications of Zillow’s Q4 iBuyer unit economics learn how the iBuyer market may impact the industry in light of this new information. 

 

What’s Discussed: 

 

Barton’s motivation to return to Zillow as CEO

Zillow’s performance under Rascoff’s leadership

Opendoor’s complementary mastery of workflow

Zillow’s hiring of Arik Prawer to run iBuyer operations

The shared philosophy between Redfin and Opendoor

The implications of Zillow’s Q4 iBuyer unit economics  

How iBuyer unit economics may impact realtors

 

Connect with Rob and Greg: 

Rob’s Website

Greg’s Website

 

Resources:

Zillow’s 2018 Q4 Results

‘Homeowners Net More Selling to Zillow Than with a REALTOR’ in Notorious ROB

‘Spencer Rascoff Out as CEO of Zillow’ in Vendor Alley

Mike DelPrete’s Presentation at Inman Connect

 

Our Sponsors:

Cloud MLX

The Red Dot

Mar 10, 2019

Gary Keller made a series of very bold claims when he announced the launch of the new KW tech platform at January’s Family Reunion conference, even going so far as to say that ‘the race to build the first end-to-end real estate platform is over and everyone else is competing for second place.’

Today, Rob and Greg are discussing Keller’s comments, questioning the decision to set the bar so high and sharing Brian Boero’s take on Keller’s hubris as that of a master showman rallying the troops. Rob asks how we might measure the success of the KW tech platform and how much big-time investments in tech truly impact agent productivity.

Rob and Greg also explore the idea that introducing new tech serves to ‘stop the bleeding,’ keeping agents and agent teams from leaving for tech centric brokerages like eXp. Listen in for insight around the performance of traditional brokerages that put big money in tech and learn why Rob believes the industry should stop fighting the last war and shift its focus to capital.

 

What’s Discussed: 

The hype around the launch of the Keller Williams consumer app

Boero’s take that Keller’s hubris is necessary to ‘rally the troops’

How we might measure the success of the KW tech platform

The dismal numbers reported in Realogy’s recent earnings call

How much tech investments truly impact realtor productivity

Why Rob believes the industry needs to focus on capital vs. tech

KW’s potential to systematize agent marketing through software

 

Connect with Rob and Greg:

Rob’s Website

Greg’s Website

Email gregrobertson@gmail.com

 

Resources:

2019 Clareity MLS Executive Workshop

‘Gary, Put Down the Bong’ in Vendor Alley

‘Gary Keller Declares Victory in Real Estate Tech Platform Race’ in Inman

‘Keller Kabuki’ in 1000watt

‘Please Stop Fighting the Last War’ in Notorious ROB

 

Our Sponsors:

Cloud MLX

The Red Dot

Feb 10, 2019

At Inman Connect, the top movers and shakers in real estate come together to learn about the latest technology and explore what’s next for the industry. And in 2019, the hot topics include disruptors like Compass and eXp, the impact of data aggregators on the MLS, and the relevance of franchisers in light of tech centric startup brokerages. So, what are the most interesting conversations happening at the conference this year? And what SHOULD we be talking about?

 

Today, Rob and Greg are sharing the highlights of Inman & CEO Connect (live from the lobby of the Marriott Marquis), discussing how the conference focuses on the intersection of real estate and technology and what predictions Inman has gotten right over the years. They speak to Brad Inman’s interview with Rob Reffkin, Ben Kinney’s talk knocking brands like Compass and eXp, and the conversation among brokers, franchisers and tech company CEOs regarding the MLS. Rob asks why no one is talking about Redfin, and Greg predicts when the industry will recognize it as a significant force.

 

Then Rob and Greg snag Sam DeBord, Managing Broker and VP of Strategic Growth for Coldwell Banker Danforth in Seattle, to get his take on Kinney’s advice to brokers and the research around stock options and franchise loyalty. Listen in to understand why franchises need to make their value offerings more obvious and easy to use—and learn why Greg believes the mortgage space is ripe for disruption.

 

What’s Discussed: 

The highlights of the Inman Connect conference in NYC

How technology has (and has not) impacted real estate

Brad Inman’s interview with Rob Reffkin at CEO Connect

  • Leak of Pacific Union acquisition
  • Concerns re: data aggregators

Ben Kinney’s criticisms of brands like Compass and eXp

When the industry will recognize Redfin as a significant force

The talk among brokers and tech CEOs around the MLS

The tech community’s struggle re: cooperation and compensation

How Inman called the rise of the iBuyer model

Kinney’s advice to brokers on prepping agents for a market shift

Sam’s insight on the research around stock options and loyalty

Why franchises need to make value offerings easy to use

Why the mortgage space is ripe for disruption

 

Connect with Sam:

Sam at Seattle Home

 

Connect with Rob and Greg:

Rob’s Website

Greg’s Website

 

Resources:

Inman Connect 2019

The Ben Kinney Team

Redfin Commercial

MIPIM PropTech

Greg’s Post on HouseCanary

HouseCanary

When Software Eats the Real (Estate) World

Steve Murray Real Trends Research

Divvy

Dec 31, 2018

We know that Compassis built around technology and that the real estate company has a shit ton of money—$4.4B, to be exact. But what else do we know about the tools and resources Compass offers its agents or the direction the company might take moving forward? Lucky for us, the firm’s most recent vision statementwas published online, and while it was incredibly inspiring, the presentation also raised a number of questions.

 

Rob and Greg welcome special guest Sunny Lake Hahn, partner at 7DS Associates, to offer a broker’s perspective as they discuss the Compass vision statement. Greg offers an overview of the presentation, covering the suite of products and services that Compass offers their agents and CEO Robert Reffkin’s inspiring personal story and message of empowerment. Sunny explains why she was impressed by the company’s COO offering for agents as well as their technology feedback loop.

 

Rob, Greg and Sunny debate whether Compass can provide a consistent user experience, describing how the company does offer continuity in terms of tools, resources and consumer-agent interaction. Greg shares his take on why wooing agents with a payout might be problematic, and Rob speaks to Compass’ potential play to generate revenue through preferred vendors. Listen in for Sunny’s perspective of Reffkin’s emphasis on female entrepreneurs and learn more about what differentiates Compass—and what makes it just like all the other brokerages.

 

What’s Discussed: 

 

Compass’ strategic decision to publish their vision statement

The suite of products and services Compass offers their agents

CEO Robert Reffkin’s inspiring personal story and message

Sunny’s insight on the value of Compass’ tech feedback loop

Compass’ contract provision around using the tools provided

Why Compass cannot guarantee a consistent user experience

How Compass can provide continuity in terms of resources

Greg’s take on why wooing agents with a payout is problematic

The potential for Compass to leverage the ‘referral economy’

Sunny’s view of Reffkin’s message on female entrepreneurs

Sunny’s idea for brokers to execute on the COO offering locally

 

Resources:

 

Compass

The Compass Vision

Women Up

Glenn Kellman’s Gender Pay Study

The Red Dot

 

Connect with Rob and Greg:

 

Rob’s Website

Greg’s Website

Dec 22, 2018

 

Look into your crystal ball and ask about the future of real estate. A venture capitalist’s vision of the industry eliminates agents entirely in favor of the data a tech company can provide. A number of brokers are hoping to go back to the future and once again serve as the gatekeepers for real estate listings. Meanwhile UpstreamRE can’t seem to get a clear picture of its future at all. Will software ‘eat the real (estate) world’ as the recent a16z video suggests? Will brokerages find a way to regain control of their listings? Will UpstreamRE ever nail down an objective?

Rob and Greg start their review of recent real estate news with a discussion of the humbling Andreessen Horowitz video exposing the obvious flaws in organized real estate. They cover Alex Rampell’s argument against the narrative of agent as ‘trusted advisor’ and his thesis that metrics will eventually replace agents. Rob describes how technology might impact the future number of real estate agents and how much consumers will be willing to pay for guidance from a professional.

 

Greg shares his frustration with the ‘obvious BS’ surrounding UpstreamRE’s breakup with NAR, offering his take on why the alliance didn’t work and the new narrative around the company’s purpose. Rob and Greg both deliver their predictions regarding who UpstreamRE’s new vendor might be and how MLS providers may view the project’s latest pivot. Listen in for insight into the futility of broker efforts to regain control of listings and learn why UpstreamRE’s new vendor may want to ask for their money up front!

 

What’s Discussed: 

 

The Andreessen Horowitz video on organized real estate

Alex Rampell’s argument against the ‘trusted advisor’

The prediction that metrics and data will replace agents

Mike Delprete’s insight on loss aversion in transactions

Money and partnerships vs. execution in tech startups

The impact of tech on the number of real estate agents

Why UpstreamRE’s partnership with NAR didn’t work

The new narrative around UpstreamRE’s objectives

Rob & Greg’s predictions re: UpstreamRE’s new vendor

How MLS providers may view UpstreamRE’s latest pivot

The futility of broker efforts to regain control of listings

 

Resources:

Andreessen Horowitz

a16z Podcast

When Software Eats the Real (Estate) World

The Hard Thing About Hard Things: Building a Business When There Are No Easy Answersby Ben Horowitz

Who Is Michael Ovitz?by Michael Ovitz

Creative Artists Agency

PropTech CEO Summit

Divvy

Mike Delprete on Loss Aversion

Rob’s Upstream Post

Greg’s Upstream Post

New York Times Financial Crisis 2019 Article

The Red Dot

W+R Studios

 

Connect with Rob and Greg:

 

Rob’s Website

Greg’s Website

 

 

Nov 30, 2018

We can all agree that the real estate industry is evolving quickly. Is there any way to predict who the winners in the space will be over the next few years? Brad Safalow has done nine years of research surveying hundreds of real estate agents on the housing market in general, online lead generation, marketing and technology. Curious what all that data might tell us about the future of industry players like Zillow, Redfin and Realogy? What about the potential market share of the growing iBuyer model? Or how independent brokerages might respond to the competition?

 

Brad is the founder of Please Act Accordingly Research, an independent research firm providing investment ideas to professional money managers and high-net-worth individuals. He began his career in the leveraged finance group at JPMorgan before joining RiverEdge Capital, a global equity hedge fund, where he specialized in small/mid cap stocks and short idea generation. Brad has been serving clients through PAA since 2009, generating 6+ action-oriented investment ideas annually, with high absolute return potential.

 

Today, Brad joins Rob and Greg to share a high-level overview of his report on the real estate industry. Brad shares his take on the challenges Zillow is facing with the backlash against Premier Agent 4 and its foray into the iBuyer market. Rob highlights the concentration of power in real estate and its influence on Zillow’s continued success, and Greg asks about the pros and cons of the iBuyer model and its potential share of the marketplace moving forward. Brad also shares his experience working with Redfin versus a traditional brokerage, and they offer insight around how Redfin’s national ad campaign might prove to be a seminal moment in the industry. Listen in to understand how independent brokerages like Keller Williams and Realogy are responding to the iBuyer threat and a potential shift in commission structure—and get Brad, Rob and Greg’s predictions around the winners and losers in the space over the next three years.

 

What’s Discussed: 

 

The PAA annual survey of real estate agents

A high-level overview of Brad’s report

The reasons why Zillow’s stock is taking a hit

How Zillow’s growth depends on agent teams

Why Zillow launched Premier Agent 4

How Zillow responded to backlash against PA4

The concentration of power in the industry

Why Zillow is pursuing the iBuyer model

The iBuyer’s potential share of the market

How Zillow may profit as a mortgage business

Efforts to improve the consumer experience

Redfin vs. the traditional brokerage experience

The impact of Redfin’s national ad campaign

The effects a shift in commission structure

 The fear/panic among independent brokerages

Gary Keller’s understanding of the iBuyer threat

Realogy’s doubling down on traditional strategy

 

Resources:

 

The Red Dot

Cloud Agent Suite

W+R Studios

 

Connect with Brad:

 

PAA Research

PAA on Twitter

 

Connect with Rob and Greg:

 

Rob’s Website

Greg’s Website

 

 

Aug 15, 2018

Perhaps the most compelling piece of theatre in recent real estate history, Gary Keller’s interview at the Inman Connect Conference laid out his argument around the future of the industry. Keller’s approach is to own his own data and develop a software platform unique to Keller Williams, and a number of other franchises are buying up technology companies in order to build their own exclusive data platforms. But is this obsession with technology and controlling the data distracting brokerages and franchisors from what really matters?

 

Rob and Greg are on the line to discuss real estate technology and data ownership. Greg explains W+R’s focus on creating a kickass experience for agents and consumers alike and describes the company’s approach to aggregating data rather than trying to build a proprietary platform.

 

Rob and Greg cover the growing competition in real estate software and address who is responsible for providing agents with a technology suite. They debate the merits of designing an exclusive platform versus integrating franchise data with a particular software package to create a custom data solution. Listen in for insight around the US vs. THEM mindset around building technology and learn why Rob and Greg are calling for a renewed focus on agents—and giving them the tools to shine!

 

What’s Discussed: 

The overarching theme of the 2018 Inman Connect conference

Gary Keller’s aim to create his own ‘platform for innovation’

How W+R seeks to democratize the iBuyer experience

The role of AI and machine learning in a technology platform

W+R’s approach to making data useful for the end user

Greg’s take on the notion of data ownership

How Zillow has evolved to generate its own data 

W+R’s focus on improving an agent’s listing presentation

Cloud Investor Connect’s value prop for investors

- High intent, high volume

Who is responsible for providing agents with a tech platform

The consistent improvement of real estate software

The opportunity to integrate software with franchise data

The MLSs role as a tech platform vs. data provider

The definition of a technology platform as an end-to-end solution

Rob’s insight around focusing on the agent rather than technology

 

Sponsors:

Cloud Agent Suite

The Red Dot

 

Resources:

Inman Connect—San Francisco 2018

Rob’s Gary Keller Blog Post

Gary Keller at Inman Connect

Cloud Investor Connect

GreatSchools

RE/MAX Q2 Earnings Call

Tom Ferry Show

Contactually

Booj

Remine

Zap

Brad Inman’s Tech Platform Opinion Piece

The Red Dot

Cloud Agent Suite

W+R Studios

 

Connect with Rob and Greg:

Rob’s Website 

Greg’s Website 

Aug 11, 2018

Today’s consumer is used to pushing a button and having magic happen. (Thank you for the insight Jeremy Waxman.) And more often than not, we are willing to pay an extra fee for things like convenience and certainty. For this reason alone, the iBuyer phenomenon is here to stay, and the real estate industry would do well to consider how traditional agents might participate in the changing market.

 

Rob and Greg are back to offer a different perspective on the iBuyer movement, discussing how the industry is misunderstanding the phenomenon. Greg explains how organized real estate might address the consumer experience by partnering with a large financial institution to ‘be the bank’ and Rob shares his take on FSBOs and iBuyers as opposite ends of a spectrum—with the traditional REALTOR experience in the middle. 

 

Rob and Greg address fiduciary duty, describing the conflict of interest that occurs when agents have the capacity to make on offer on a prospect’s home. They cover the difference between iBuyers and traditional house flippers, describing the considerable capital behind companies like Offerpad and Opendoor and the significance of Zillow’s recent acquisition of a mortgage lender. Listen in for insight around iBuyers moving into high-dollar markets and learn how agents fit into a future world where iBuyers are the default.

 

What’s Discussed: 

 

How the industry is misunderstanding the iBuyer phenomenon

  • Intention to change process of buying/selling home
  • Company to figure out user experience wins

How MLS and association execs might consider the agent experience

Greg’s proposal around NAR partnering with a financial institution

Rob’s prediction that the iBuyer movement is here to stay

The conflict of interest agents face in offering to buy a client’s home

Rob’s take on FSBOs and iBuyers as opposite ends of a spectrum

  • Working with REALTOR = middle ground

The potential ‘buyification’ of the brokerage business

Why iBuyers are not as vulnerable as traditional house flippers

The significance of Zillow’s acquisition of Mortgage Lenders of America

The tipping point when iBuyers become the default for consumers

The significance of iBuyers moving into high-dollar markets

The value in agents learning to pitch investor offers to sellers

 

Sponsors:

Cloud Agent Suite

The Red Dot

 

Resources:

Rob’s iBuyer Blog Post

Denee Evans on Listing Bits

Zillow’s Q2 Webcast

Cloud Investor Connect

Inman News: Agents can show sellers iBuyer offers with new Cloud CMA feature

Brad Inman: In real estate’s tech platform race, I’m betting on an underdog

 

Connect with Rob and Greg:

 

Rob’s Website

Greg’s Website

 

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