In this episode, Rob and Greg dive into the newly surfaced Zillow–Compass court documents, a leaked Zillow strategy plan, and Mike DelPrete’s analysis of the preliminary injunction hearing. They also discuss the broader market context—from the real cost of living in 2025 to generational tension—and debate whether the lawsuit will meaningfully change industry behavior. The conversation closes with predictions, stakes, and possible compromise paths between Compass and Zillow.
Key Takeaways
A “must-read” macro article kicks off the show.
Rob discusses a Substack piece on the U.S. poverty line and how outdated metrics distort today’s economic reality. Zillow and housing affordability tie back into the industry.
The leaked Zillow strat plan is unusually strong.
Both hosts agree the internal document is one of the most robust strategic plans seen in real estate, showing detailed situational analysis and clear tactical pathways. MLSs should study its structure.
Compass vs. Zillow: The PI hearing matters.
Rob argues the preliminary injunction ruling may reshape industry norms more than the eventual trial. If Compass wins, Zillow may need to pivot fast. If Zillow wins, Compass may face recruiting and retention issues.
DelPrete’s takeaway: “Nothing will change.”
Greg leans toward this view, citing industry inertia. Rob disagrees, pointing to long-term structural shifts like MLS loss of compensation and NAR’s diminishing relevance.
Broker exclusives and 3PM are the core battle.
The debate centers on whether private/preview listings harm consumers or empower brokers. Greg doubts the model’s long-term viability; Rob sees competitive incentives that could drive proliferation.
Potential compromise ideas emerge.
The hosts float options such as removing Days on Zillow, hiding public price-change history, or creating a paid Zillow product for private listings. No clear middle ground exists yet.
Predictions and a steak-dinner bet.
Both tentatively lean toward Compass having a better storytelling advantage in court, though the outcome is far from certain.
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Rob and Greg break down what happened at NAR NXT in Houston — from the empty expo floor to major MLS–Association policy changes. Greg shares on-the-ground insights from meetings, parties, and conversations with MLS leaders, while Rob analyzes the strategic implications of NAR’s 18-point PAG recommendations and what he calls the “emancipation” of MLSs. They also discuss winners and losers of the policy shifts, potential impacts on associations, vendors, portals, and brokers, and tee up a future episode on NAR’s new strategic plan.
Expo Floor Shift: Major real estate brands were largely absent, and new vendors were mostly centralized in the REACH kiosk area. NAR’s pavilion took up a large portion of the floor.
Tightened Meeting Access: Vendors and some MLS staff were denied entry to MLS policy roundtables, signaling increased NAR gatekeeping.
Policy Changes = MLS Freedom: NAR repealed disciplinary guidelines and removed the requirement for MLS users to be association members, pushing authority to the local level. Rob argues this effectively removes NAR from the MLS business.
Winners & Losers:
Winners: Large MLSs, large brokers, possibly Zillow (depending on data access negotiations).
Losers: State and local associations relying on mandatory membership; potentially Realtor.com as syndication leverage shifts.
Associations Must Reinvent: Without mandatory membership, associations must create new value propositions and revenue paths.
Strategic Plan Concerns: Rob calls NAR’s new strategic plan “a pile” of platitudes and plans a full breakdown in a future episode.
Parties & Atmosphere: Rentspree, ICE, and others hosted strong events, but the conference felt less relevant overall with notable CEO absences.
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Overview
Rob and Greg dig into expectations for the NAR Annual Conference, MLS attendance patterns, and broader industry sentiment heading into 2025. They cover speculation around possible committee decisions, how the settlement fallout is (or isn’t) impacting MLS membership and commissions, and the overall vibe leading into the event. The conversation then shifts to affordability, mortgage rates, and the recent proposal of a 50-year mortgage. They close with discussion of a new Zillow/RESPA-related lawsuit, Rocket/Redfin implications, and observations from Zillow Unlock.
Key Takeaways
Some MLS leaders are skipping NAR due to light agenda relevance, travel issues, and lack of urgency.
Despite settlement fears, MLS membership has not dropped significantly, and commissions have not fallen.
Rob argues the industry culture—not MLS policy—has propped up commissions.
Greg suggests the settlement was overhyped given limited negative fallout so far.
Conversation on affordability explores whether lowering interest rates would meaningfully increase transactions.
New Alaska Zillow lawsuit may signal potential RESPA exposure tied to loan-capture strategies.
Rocket/Redfin may have structural protection due to W-2 agent model.
Zillow Unlock was described as polished, high-end, highly attended by top-producing agents.
Vendor experience at Unlock: fewer “newbies,” easier conversations, strong integration environment.
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Rob and Greg discuss Zillow’s recent privacy policy changes to Follow Up Boss and the growing debate around data use and agent trust. They examine how Zillow’s communication strategy has affected its reputation, drawing comparisons to past acquisitions like dotloop and ShowingTime. The conversation explores whether this move signals a broader industry shift in how tech companies handle customer data, AI integration, and transparency with agents.
Zillow’s new Follow Up Boss privacy policy grants broader access to agent and client data.
Rob believes the change isn’t malicious but calls it a major communication failure by Zillow.
Greg points out that Zillow lacks a dedicated team for agent-facing product communication.
The term “mutual customer” triggered agent backlash and should have been caught before release.
Both agree the issue highlights a pattern of Zillow “revising promises” made in previous acquisitions.
The discussion raises questions about trust, data usage for AI training, and the long-term impact on agent relationships.
Rob argues the real strategic risk is eroding trust—industry partners may start adding “yet” to every Zillow assurance.
Greg suggests this is part of a larger trend across tech companies as privacy expectations evolve
Links
Follow Up Boss changes privacy policy: chaos ensues
Zillow, Follow Up Boss, ChatGPT: How to Protect Your Clients and Build a Moat
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