Rob Hahn and Greg Robertson close out the year with their annual predictions episode. They debate where housing transactions, interest rates, and home prices are headed, then turn to broader market forecasts. The conversation shifts to industry-specific predictions around lawsuits, private listings, MLS policy, portal strategy, and where consolidation may reshape brokerages and real estate technology next.
Existing home sales, interest rates, and median home price predictions — with very different rationales.
Why mortgage rates may be driven more by the bond market than the Fed.
Bold calls on NASDAQ, gold, and Bitcoin.
Compass vs. Zillow and the future of private listings.
A potential overturning of the NAR settlement and what that would mean for the industry.
Why forms litigation could be the next major legal battleground.
What portals like Zillow, Realtor.com, and Homes.com may need to change.
Predictions around major brokerage, franchise, and proptech consolidation.
MLSs redefining participants, IDX access, and control of listing data.
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Overview
Rob Hahn and Greg Robertson close out the year by revisiting their 2024 predictions and grading how they actually turned out. From transaction volume and mortgage rates to MLS power shifts, NAR’s role, Zillow’s influence, and major industry moments, the episode becomes a candid year-in-review on what really changed—and what didn’t—in real estate.
Key Takeaways
Greg outperformed Rob on most economic predictions, including transaction volume, mortgage rates, and median home prices.
The stock market’s strong performance validated Rob’s bullish call.
MLSs and NAR dominated debate: MLS autonomy increased, while NAR’s influence continued to erode.
Realtor.com’s acquisition activity missed Greg’s specific predictions, while Rob’s calls on Phoenix-style breakaways and MLS mergers did not materialize.
Zillow’s growing power, ongoing lawsuits, and IDX tensions were identified as major forces shaping the future.
Housing affordability emerged as a defining political issue, highlighted by discussions around commissions, younger voter sentiment, and proposals like 50-year mortgages.
Both hosts frame 2025 as a “transition year,” where the consequences of earlier lawsuits and policy shifts fully surfaced.
Next week, 2026 Predictions!
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Bingo Board
Vendor Alley
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Rob Hahn and Greg Robertson dig into the escalating conflict between Zillow and MRED over private listing networks (PLNs), IDX rules, and Zillow’s Listing Access Standards (ZLAS). What starts as a dispute over listing visibility quickly becomes a deeper conversation about power: who ultimately controls listing data—the MLS or the portal? The episode explores MRED’s emails to brokers, Zillow’s outreach for direct feeds, potential January disruptions, and why this fight could set a precedent for MLS–portal relationships nationwide.
Zillow and MRED are on a collision course over whether Zillow can selectively exclude PLN listings while still receiving IDX feeds.
MRED argues selective exclusion violates its IDX rules; Zillow argues it owes transparency to sellers and consistency to its standards.
Emails suggest Zillow may pursue direct broker feeds, potentially bypassing the MLS if access is cut off.
The dispute is less about private listings themselves and more about control—“who runs Barter Town.”
Outcomes range from MLS dominance, to Zillow dominance, to a hard-to-define compromise—with major implications for brokers, sellers, and other MLSs.
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Zillow stalemate with Chicago's MLS looks like it's coming to a head
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In this episode, Rob and Greg dive into the recurring issue of embezzlement and financial mismanagement within small Realtor associations. Using recent cases as a jumping-off point, they debate what “transparency” should actually look like in a member-driven nonprofit, whether associations should provide full access to financial records, and what safeguards could reasonably prevent future financial failures. The discussion gets spirited as they explore audits, member oversight, governance culture, and how much transparency is too much—or not enough.
Embezzlement in small associations: Recent cases highlight how financially fragile many smaller associations are and how one incident can destabilize them.
Audit funding proposals: Rob suggests that state or national associations should fund audits for smaller associations that can’t afford them.
Transparency debate: Rob advocates for allowing any member to inspect line-item financials; Greg argues that professional audits—not member investigations—are the correct mechanism for oversight.
Concerns about disruption: Greg emphasizes how untrained members digging through records could create confusion, waste staff time, or misinterpret legitimate expenses.
Proper purpose & confidentiality: Rob proposes a compromise where members may inspect records but must keep information within the association; Greg notes NDAs may be required due to vendor contract confidentiality.
Governance culture: Both agree that trust has eroded in parts of organized real estate, though they disagree on the extent and cause.
Association survival risk: When embezzlement happens in small associations, they may face insolvency or be forced to merge.
Checks & balances: Discussion includes dual-signature thresholds, expense-tracking systems like Ramp, and the importance of third-party annual audits.
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Rob and Greg break down the newest developments in NAR governance, the fallout from the failed referral-fee disclosure vote, and the rapid moves by industry players like eXp and CAR to implement their own transparency standards. They also examine broader structural questions: Should MLSs raise the bar? Is the NAR brand salvageable? The conversation then turns to Zillow’s decision to remove climate-risk scores, shifting public sentiment, and the growing political and economic pressures facing housing, affordability, and real estate professionals.
NAR’s proposed change to the Code of Ethics regarding referral-fee disclosure failed—not at the board level, but at the delegate body, highlighting severe governance issues.
eXp and the California Association of REALTORS® are moving ahead with their own transparency and disclosure updates, signaling a break from NAR’s direction.
The discussion raises whether MLSs should (or realistically can) “raise the bar,” with Rob arguing it could undermine the MLS value proposition.
Greg and Rob note that weakened enforcement and membership incentives make it difficult for NAR to rebuild the Realtor brand without major structural reform.
Zillow has removed on-site climate risk scores after industry pushback, which Rob frames as Zillow aligning with shifting consumer and cultural sentiment.
The hosts raise concerns about affordability, generational frustration, and political volatility—warning that real estate professionals must better understand and respond to consumer mood.
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