Info

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.
RSS Feed
Industry Relations with Rob Hahn and Greg Robertson
2021
February
January


2020
December
November
October
September
July
June
May
April
March
February


2019
December
October
July
June
May
March
February


2018
December
November
August
June
April
March


2017
December
September
July
June
May
April
March
February


Categories

All Episodes
Archives
Categories
Now displaying: Category: general
Feb 25, 2021

Zillow has been consumer-centric since its inception in 2006. And in the early days, the tech company didn’t pay much attention to agents. Now Zillow realizes that reducing friction for consumers means helping agents respond to online leads and schedule showings, for example. But is it too late to earn the industry’s trust?

 

Errol Samuelson is the Chief Industry Development Officer at Zillow Group. With 25 years of experience in proptech, he served in leadership roles at Realtor.com, Top Producer Systems and Move, Inc. before joining Zillow in 2014. On this episode of Industry Relations, Errol sits down with Rob and Greg to explain why Zillow is acquiring ShowingTime and explore what’s behind the industry’s volatile reaction to the announcement.

 

Errol discusses the real estate industry’s distrust of Zillow, acknowledging the frustration the tech company has caused over the years and assuring us that his team will not misuse ShowingTime data. Listen in to understand how Errol thinks about CoStar as a competitor and learn why he believes an industry without cooperation and compensation is not good for agents, brokers or consumers.

 

What’s Discussed: 

 

Why the real estate industry went apeshit over Zillow’s acquisition of ShowingTime

Zillow’s assurance that ShowingTime will remain an open platform with a strict privacy policy

What problem Zillow is trying to solve by acquiring ShowingTime

Errol’s insight on the rumor that Zillow bought ShowingTime to keep it out of CoStar’s hands

How Errol thinks about the fact that people assume Zillow is lying

Errol’s acknowledgement of the frustrations Zillow has caused agents over the years and how the company’s behavior may have amplified the industry’s distrust

The possibility that social class and age are a factor in the industry’s mistrust of Zillow

The focus of Zillow’s Q4 earnings call (Zillow Offers vs. streamlining the consumer experience overall)

Why innovation in the lending space is limited by federal regulations

The unique opportunity Zillow has to innovate around ownership models

Errol’s thoughts on CoStar as a competitor and why CoStar’s success hinges on the government putting an end to cooperation and compensation

Connect with Errol:

Errol at Zillow

Errol on LinkedIn

Errol on Twitter

 

Connect with Rob and Greg: 

Rob’s Website

Greg’s Website

 

Resources:

Rob’s Post on Zillow, ShowingTime & Paranoid Realtors

Zillow’s Press Release on Acquiring ShowingTime

ShowingTime

Steve Murray at REAL Trends

CoStar News

Greg on Twitter

Zillow’s Q4 2020 Earnings Call

Zillow Offers

Nick Bailey at RE/MAX

Gary Keller’s 2021 Family Reunion Vision Speech Recap

Trulia

Dotloop

Jay Thompson on Inman

Susan Daimler at Zillow

Rob’s 2020 List of the Seven Most Interesting People in Real Estate

Zillow Home Loans

Divvy

Federal Regulations on Mortgage Finance

REA Group

Andrew Florance at CoStar

Rob’s CoStar Red Dot Report

CoStar’s Q4 2020 Earnings Call

Rob’s Interview with Joe Rand

 

Our Sponsors: 

Cloud Agent Suite

Notorious VIP

Feb 24, 2021

As the real estate industry has evolved, we’ve been trained to focus on who owns the data. And Zillow’s acquisition of ShowingTime has many concerned about sharing their data with the proptech giant. But what if hoarding your data is not the only way to compete with a company like Zillow? What if it’s not really about access to the data but what you do with it?

Nick Bailey is the Chief Customer Officer at RE/MAX. With nearly 25 years of industry experience, Nick served as an agent, broker and proptech vendor before becoming the head of a major real estate franchise. On this episode of Industry Relations, Nick joins Rob and Greg to share his take on Zillow’s acquisition of ShowingTime and what’s behind the industry’s emotionally-charged reaction.

 

Nick offers insight on how the data Zillow acquired was already publicly available, explaining why that information doesn’t necessarily give the tech company a competitive advantage and reminding us that it’s not unusual for companies at scale to offer various products and services to the industry at large. Listen in for Nick’s perspective on what we can do to improve the process of buying or selling a home for consumers and find out why you shouldn’t panic about Zillow’s acquisition of ShowingTime.

What’s Discussed: 

Nick’s background as an agent, broker, tech vendor and head of a major real estate franchise

Why Nick sees Zillow’s acquisition of ShowingTime as one tech company acquiring another to make the process of buying and selling homes easier for consumers

How ShowingTime’s market share influenced the industry’s emotionally-charged reaction to its acquisition

Nick’s argument that the data Zillow has acquired was already publicly available

How Nick addresses the objection that the ShowingTime acquisition forces agents and brokers to provide Zillow with a competitive advantage

How it’s not unusual for companies at scale to offer various products and services (e.g.: RE/MAX’s acquisition of Motto Mortgage)

What Nick is doing to educate agents around the spirit of cooperation in the industry

How Nick thinks about whether Zillow is a RE/MAX competitor

What the real estate industry can do to improve the fragmented process of buying or selling a home

Nick’s insight on what differentiates RE/MAX in a competitive industry that includes a growing number of iBuyers

The trend toward a greater concentration of power among fewer agents and how that might contribute to the panic around Zillow

Nick’s advice for MLS, franchisor and large brokerage CEOs on using data to identify trends and create contingency plans accordingly

 

Connect with Nick:

 

Nick at RE/MAX

Nick on LinkedIn

 

Connect with Rob and Greg: 

Rob’s Website

Greg’s Website

Resources:

ShowingTime’s Press Release on Its Acquisition by Zillow

Nick’s Video on Zillow’s Acquisition of ShowingTime

Market Leader

Rob’s Post on Zillow, ShowingTime & Paranoid Realtors

First App

Steve Murray at REAL Trends

Motto Mortgage

NAR Code of Ethics

We Are RE/MAX on Facebook

Brad Inman’s Piece on Zillow & ShowingTime

Gary Keller’s 2021 Family Reunion Vision Speech Recap

The Art of the CMA: Win Hearts, Minds, and Loyalty by Mastering Real Estate’s Most Versatile Tool by Greg Robertson 

Dave Liniger at RE/MAX

 

Our Sponsors: 

 

Cloud Agent Suite

Notorious VIP

Feb 22, 2021

Zillow’s Economic Research Team just released its forecast for 2021, and they expect it to be the best year for home sales since 2005. In fact, Zillow’s number crunchers believe that a whopping 6.8M existing homes will close next year, marking the biggest one-year gain in sales (nearly 22%!) since the early 1980’s.

 

Jeff Tucker is a Senior Economist at Zillow Research where he studies the causes and consequences of changing supply in the housing market. On this episode of Industry Relations, Jeff joins Rob and Greg to discuss the inputs his team used to make its predictions for 2021 and describe how current growth differs from what we saw at the height of the bubble in 2005.

Jeff offers insight around the demographics of who’s buying and selling homes right now, sharing his take on why the low millennial marriage rate may not impact the housing market as much as we think and how feasible it is for young, working-class Americans to afford homeownership. Listen in to understand how COVID facilitated the single-family home inventory crash and get an economist’s perspective on why the housing market will stay hot through 2021.

What’s Discussed: 

The inputs Jeff’s team used to predict that 6.8M existing homes will close in 2021

How current growth differs from what we saw at the height of the bubble in 2005

The decrease in the share of income spent on mortgages since 2018

Why the iBuyer’s mission to create a frictionless experience is so important moving forward

Jeff’s insight around the demographics of who’s buying and selling homes

The distinction between family and household formation

Why the low millennial marriage rate may or may not impact the housing market

How COVID facilitated a single-family home inventory crash

Why Jeff sees appreciation slowing down by the end of 2021

Jeff’s take on the feasibility of homeownership for working-class millennials

How the skyrocketing US money supply might impact the real estate market

 

Connect with Jeff:

 

Zillow Research

Jeff at Zillow

Jeff on Twitter

 

Connect with Rob and Greg: 

 

Rob’s Website

Greg’s Website

 

Resources:

 

Lone Wolf Technologies

Zillow’s Forecast for 2021

NAR Data on Single Women Home Buyers

Pew Research on Millennials & Marriage

 

Our Sponsors: 

 

Cloud Agent Suite

Notorious VIP

Jan 20, 2021

Not too long ago, REALTORS were unified, often claiming to be neither Democrat nor Republican but members of the REALTOR Party. Today, however, the polarization in our country is reflected in the real estate community. And the recent changes to the NAR Code of Ethics, specifically Standard of Practice 10-5, seem to have pushed us even farther apart. So, how are these changes likely to affect REALTORS in practice? Can we be more inclusive without favoring one political party over another?

 

Laura Farley serves as General Counsel at the Virginia REALTORS Association, and she has more than 10 years of experience handling and supervising professional standards cases. Prior to joining the state association, Laura was an attorney for the Northern Virginia Association of REALTORS. On this episode of Industry Relations, Laura joins Rob and Greg to provide an overview of the three major changes to NAR’s Code of Ethics and offer insight into how those changes might impact real estate professionals now that the professional standards apply to everything a REALTOR does, real estate related or not.

 

Laura explains why NAR’s list of protected classes in Standard of Practice 10-5 is more inclusive than a lot of states and addresses the subjective nature of determining intent as well as the concerns that 10-5 gives some REALTORS more speech rights than others. She also discusses the significance of removing the word ‘willful’ from NAR’s definition of public trust, introducing us to the concept of disparate impact—and why it may or may not apply to Article 10. Listen in for Laura’s insight on how 10-5 has further polarized the REALTOR community and get her take on the best possible outcome around the revised Code of Ethics.

 

What’s Discussed: 

 

Laura’s decade of legal experience with professional standards cases

Laura’s overview of the 3 major changes to the NAR Code of Ethics

Why NAR’s list of protected classes is more inclusive than most state lists

The significance of the word ‘use’ in Standard of Practice 10-5 (REALTORS must not ‘use’ harassing speech, hate speech, epithets or slurs)

The controversy around how 10-5 gives some REALTORS more speech rights than others

The subjective nature of determining an agent’s intent to harm, hurt or harass

How Laura thinks about the concerns of REALTORS on the political right re: implicit bias

The significance of removing the word ‘willful’ from the definition of public trust

The concept of disparate impact and why it may or may not apply to Article 10

How the change to 10-5 has further polarized the REALTOR community

 

Connect with Laura:

 

Virginia REALTORS

Laura at Virginia REALTORS

 

 

Connect with Rob and Greg: 

 

Rob’s Website

Greg’s Website

 

 Resources:

Laura’s Code of Ethics Update Video

Virginia REALTORS Code of Ethics Resources

NAR Code of Ethics Changes

NAR’s Code of Ethics & Standards of Practice

Rob’s Post on an Alternative to the New Speech Code

Virginia REALTORS Diversity & Inclusion PAG

Rob’s Post on Disparate Impact

Norwood v. Harrison

Railway v. Hanson

Jenna Ryan

 

Our Sponsors: 

 

Cloud MLX

Notorious VIP

Dec 17, 2020

The November 2020 DOJ-NAR settlement requires that buyer’s agent commissions are apparent to consumers. But that transparency is just a first step in a push to divorce real estate commissions entirely. Should the other DOJ lawsuits succeed, home buyers will negotiate buy-side commissions directly with the buyer’s agent. So, what happens if the disruptors calling for these changes (like Jack Ryan) get their way?

On this episode of Industry Relations, Rob and Greg discuss Sam DeBord’s passionate Tweetstorm in response to their recent interview with Jack Ryan of REX, clarifying the arguments made by both Jack and Sam and considering how transparency around buyer’s agent commissions is likely to reduce the population of agent-facilitators and drive market share to the true realtor-counselors in the space.

Rob and Greg describe how a rule ending cooperation and compensation would impact the industry long-term, exploring a possible transition from a buyer’s commission to a flat fee or hourly model. Listen in for insight into the questions industry disruptors raise with regard to the role of the MLS, the brokerage, and the agent in the absence of cooperation and compensation.

What’s Discussed: 

 

Lone Wolf’s acquisition of W+R Studios and how Greg & Dan are sharing $1M of the proceeds with their team

Sam DeBord’s passionate Tweetstorm in response to our interview with Jack Ryan of REX

What makes a real estate agent a facilitator vs. a counselor

How transparency around buyer’s agent commissions could significantly reduce the agent population

How Jack Ryan’s background in politics and high finance informs the way he thinks about making real estate better for consumers

How the end of cooperative compensation is likely to disrupt real estate referral networks

The opportunity for vendors to help buyer’s agents demonstrate their value

Why Rob thinks there could be a transition from buyer’s agent commissions to a flat fee or hourly model

What agents and brokers might do to take advantage of the required disclosure of buyer’s agent commissions

The questions Jack Ryan’s line of attack raises re: the value prop of the MLS or the real estate brokerage in the absence of cooperation and compensation

 

Connect with Rob and Greg: 

 

Rob’s Website

Greg’s Website

 

 

Resources:

 

Lone Wolf Technologies

Lone Wolf’s Acquisition of W+R Studios

Greg’s Post on the Lone Wolf Acquisition

Sam DeBord on Twitter

Sam DeBord’s Tweetstorm on Jack Ryan

Jack Ryan on Industry Relations EP055

Spencer Rascoff & Austin Allision on Industry Relations EP056

HousingWire’s Acquisition of REAL Trends

Jeff Corbett’s Post on Divorcing Real Estate Commissions

The NAR-DOJ Agreement on MLS Rules

Buyside

Biden’s Proposed First-Time Home Buyer Tax Credit

 

Our Sponsors: 

 

Cloud Agent Suite

Notorious VIP

Dec 9, 2020

What happens when real estate tech royalty get together to brainstorm business ideas? Not surprisingly, a general discussion of underutilized assets lends itself to a new proptech venture. 

Spencer Rascoff (former CEO of Zillow) and Austin Allison (co-founder of dotloop) are the Cofounders of Pacaso, a startup working to democratize access to second homeownership. On this episode of the podcast, real estate tech OGs Spencer and Austin join Rob and Greg to discuss how Pacaso solves the problem around the underutilization of second homes and explain how consumers, agents, and brokers alike benefit from the service.

Spencer and Austin describe how Pacaso manages scheduling and dispute resolution, sharing what differentiates their product from a timeshare or the traditional DIY co-ownership model. Listen in for Spencer and Austin’s insight on current events in the industry, including the radical acceleration of tech adoption through COVID, the long-term impact of the DOJ lawsuit against NAR, and CoStar CEO Andy Florance’s attack on Zillow.

What’s Discussed:  

How Pacaso solves the problem around underutilization of second homes

How consumers, agents, and brokers benefit from Pacaso

What differentiates Pacaso from a timeshare

How Pacaso handles scheduling and what happens if one owner uses the home much more than the others

Why Spencer & Austin don’t see Airbnb as competition

How Pacaso manages dispute resolution and governance of a property

Why friction among owners is less likely with Pacaso vs. the DIY model

Spencer & Austin’s response to the idea that Pacaso is ‘rich people solving rich people problems’

How COVID has inspired a demand for co-ownership in city centers

How the digitization of real estate has accelerated through the pandemic and what that means for the industry

Why buyer side representation will not go away (despite the DOJ lawsuit)

Andy Florance’s attack on Zillow and how CoStar’s acquisition of Homesnap will impact residential real estate

Connect with Spencer & Austin:

Pacaso

Connect with Rob and Greg: 

Rob’s Website

Greg’s Website

Resources:

dot.LA

Zillow’s Q2 2020 Earnings Call

Jack Ryan on Industry Relations EP055

CoStar’s Acquisition of Homesnap

Brad Inman’s Interview with Andy Florance

The FTC Suit to Block CoStar’s Acquisition of RentPath

Tomo

Our Sponsors: 

Cloud Agent Suite

Notorious VIP

Dec 4, 2020

It has come to light in recent days that REX was the ‘power behind the throne’ in the Department of Justice’s lawsuit against NAR (and subsequent settlement). The suit alleged that the trade group’s rules on commissions artificially inflate the fees paid to real estate agents and put illegal restraints on competition in the market. So, what inspired the upstart firm to take its concerns to the DOJ?

 

Jack Ryan is the Cofounder and CEO of REX, the digital alternative to the residential real estate agent. REX uses big data and AI to provide consumers with a significant cost savings and an improved customer experience. On this episode of the Industry Relations, Jack joins Rob and Greg to explain why REX went to the Department of Justice and address the perception that his team is hostile to organized real estate.

 

Jack offers his take on why a commissions drop is not bad news, describing his libertarian vision of the future of real estate and how all involved would benefit—including MLSs, brokers, agents, consumers and communities. Listen in for Jack’s insight on eliminating the friction from the home buying process and find out what would have to change for REX to join the MLS.

 

What’s Discussed: 

 

Why REX went to the DOJ with NAR’s ‘illegal restraints’ on competition in the market

What differentiates REX from other residential real estate brokerages

What’s behind REX’s decision not to join the MLS

Eliminating repetitive, standardized activities to make the real estate transaction more efficient

What the REX workflow looks like from a buyer’s perspective

Why Jack is more concerned with changing the system than making money

Jack’s argument that a commissions drop is not bad news

How Jack thinks about eliminating the friction from buying and selling a home

How a seller benefits from working with REX in terms of cost savings and level of service

The perception that REX is hostile to organized real estate and what would have to change for Jack to join the MLS

Jack’s libertarian vision around the future of real estate

How REX’s AI continues to improve and Jack’s intent to make the tech available to other brokers and agents

 

Connect with Jack:

REX

Connect with Rob and Greg: 

Rob’s Website

Greg’s Website

Resources: 

Rob’s Piece on REX and the DOJ

Video of Jack on Vendor Alley

Jack’s Article on Real Clear

NAR Code of Ethics

Our Sponsors: 

Cloud Agent Suite

Notorious VIP

Nov 2, 2020

We are days away from the most important election of our time. Will Trump win reelection? Or will Biden take office? What factors influence the way people are voting? And how will the real estate industry be affected either way?

On this episode of the podcast, Rob and Greg are sharing their predictions around who will win the upcoming presidential election, discussing how the handling of the pandemic is likely to influence voting and whether Americans will choose a candidate based on self-interest versus moral integrity.

Rob and Greg reflect on the last four years in terms of the economy in general and real estate specifically, debating whether a modern leader should (or even could) inspire and unite us AND get things done. Listen in for insight on separating Trump’s behavior from what he has accomplished as President and learn how our hosts think about getting the US back to a place of normal political discourse.

 

What’s Discussed: 

Rob and Greg’s predictions regarding who will win the presidential election

Choosing a candidate based on self-interest vs. moral integrity

How the handling of the pandemic might influence voting

Whether the governor or President should have more influence over the states

Greg’s call for a leader that can inspire and unite us rather than stoke the fires of division

Rob’s take that it’s less important that a leader be an inspiring orator and more important that they get things done

Separating Trump’s behavior from what he has accomplished as President

How the last four years have been good for the economy in general and real estate specifically

Whether the Democrats will accept Trump as the legitimate President

Getting the US back to a place of normal political discourse

 

Connect with Rob and Greg: 

Rob’s Website

Greg’s Website

 

Resources: 

What’s the Matter with Kansas: How Conservatives Won the Heart of America Back by Thomas Frank

Termination of 2015 AFFH Rule

 

Our Sponsors: 

Cloud Agent Suite

Notorious VIP

Oct 30, 2020

Realtors are tasked with helping families make the biggest financial decision of their lives. To that end, NAR wants to preserve the idea of a realtor as an intelligent professional. And when an agent engages in conduct unbecoming of a realtor (like posting racial slurs on social media, having sex in an empty listing, or threatening the life of a broker who takes a job at Zillow), the association can and should protect the realtor brand and let that agent go.

 

On this episode of the podcast, Rob and Greg are discussing the series of speech code proposals made by the NAR Professional Standards Committee to prevent realtors from discriminating against the protected classes and using harassing or hate speech, epithets or slurs in both their personal and professional lives.

 

Rob and Greg go on to explore the problems with the committee’s proposal, explaining why it’s difficult to define what qualifies as harassing or hate speech and how the rules don’t address other kinds of unprofessional behavior. Listen in for insight on how a Conduct Unbecoming Clause would work as an alternative to protect the realtor brand from behavior that is ‘disgraceful, unprofessional and unbecoming’ of an agent.

 

What’s Discussed: 

 

An overview of the series of proposals made by the NAR Professional Standards Committee

--Policy Statement 29 applies NAR Code of Ethics to conduct outside of real estate

--Standard of Practice 10-5 prohibits harassing/hate speech, epithets or slurs of protected classes

--Definition of ‘public trust’ expanded to include all discrimination against protected classes

The problems Rob sees with the committee’s proposal

--Difficult to define what qualifies as harassing or hate speech

--Leaves out threats, harassment of unprotected classes

--Many conservative realtors feel targeted by changes

The benefits of Rob’s alternative Conduct Unbecoming Clause

How the history of race in America informs the way NAR is approaching the proposed changes

The value in protecting the realtor brand from conduct that is disgraceful, unprofessional and unbecoming of an agent

 

Connect with Rob and Greg:

 

Rob’s Website

Greg’s Website

 

Resources:

 

NAR’s Proposed Speech Code Regulations

Rob’s Post on the Proposed Speech Code Regs

The NAR Professional Standards Committee

‘NAR Proposes Ethics Changes to Crack Down on Social Media Harassment’ in Inman

‘NAR’s Proposed Ethics Changes Miss the Mark’ in Inman

Raise the Bar in Real Estate Facebook Group

Canadian Real Estate Association

CREA’s Conduct Unbecoming Clause

Rob’s Post on the Reputation of Realtors

Racism in Real Estate on Industry Relations EP052

 

Our Sponsors:

Cloud Agent Suite

Notorious VIP

 

Oct 19, 2020

**** NOTICE:  We recorded this pod using Zoom audio but had a few technical issues. The audio quality wasn’t great and at some point, Zoom stopped recording all together.  We were able to piece together a good episode but not the whole conversation.  I’m super bummed, but we all agreed, even if its not the full conversation, it’s still something we wanted to put out there. ****

 

Systemic racism has its roots in housing. Government policies deliberately disadvantaged Black and Brown people, and that’s led to segregated communities, educational inequalities and a substantial wealth gap. So, what can we do as an industry to address these disparities and better serve ALL of our clients?

 

On this episode of Industry Relations, Emily Chenevert, CEO of the Austin Board of Realtors, and Kenya Burrell-VanWormer, SVP of Diversity Solutions at T3 Sixty, join Rob and Greg to discuss the history of race discrimination in real estate, explaining how practices like redlining have stunted the Black community’s capacity to build generational wealth and why industry organizations need to recognize and publicly denounce the racism of the past.

 

Emily and Kenya share how the industry has improved, describing NAR’s shift to prioritize diversity and inclusion and exploring what organized real estate might do to further educate association members around equity moving forward. Listen in for insight on tackling home ownership disparities and learn what is (and what isn’t) our responsibility to do as an industry to address racial inequality in America.

 

What’s Discussed: 

 

The history of race discrimination in real estate (i.e.: redlining, racist land use patterns)

How racism around housing has stunted the Black community’s ability to build generational wealth

The government’s role in creating a wealth gap in the US

Why organizations like NAREB exist independently from NAR

Greg’s call for industry organizations to recognize and denounce the racism of the past (and what that might look like)

The shift from diversity and inclusion as an afterthought to a need within NAR

How we might educate association members around issues of equity

The lack of diversity among the leadership in real estate associations and MLSs

Why 25 of the 26 agents caught steering on Long Island are still working

Kenya’s insight on tackling home ownership disparity by way of education, opportunity and resources

Emily’s experience with difficult conversations on race as Austin overhauls its land development code

What it’s our responsibility to do as an industry to address racial inequality (and what’s not in our lane)

 

Connect with Emily:

 

Austin Board of Realtors

Emily on LinkedIn

Scratch That Podcast

 

Connect with Kenya:

 

T3 Sixty

Kenya on LinkedIn

 

Connect with Rob and Greg:

 

Rob’s Website

Greg’s Website

 

Resources:

 

Michelle Mills Clement

The Color of Law: A Forgotten History of How Our Government Segregated America by Richard Rothstein

How the GI Bill’s Promise Was Denied to a Million Black WWII Veterans’ in History

Discrimination in Levittown

National Association of Real Estate Brokers

Richard Rothstein

Eddie S. Glaude Jr.

NAR Leadership Summit 2020

Bob Goldberg

The Chicago Association of Realtors’ Apology & Recommitment to Fair Housing

The Newsday Investigation on Steering

Fair Housing Act

  1. Ryan Gorman

HAR Diversity and Inclusion Task Force

Austin’s Land Development Code Revision

NAR’s Code of Ethics

 

Our Sponsors:

 

Cloud Agent Suite

Notorious VIP

 

Sep 30, 2020

Zillow started out as a listing portal or syndication site. But the company has evolved to become… Well, we’re actually not sure what to call it anymore. Perhaps ‘the Amazon of real estate’ is most appropriate. And on September 23, 2020, the company announced that it’s hiring employee-agents to streamline the iBuyer process. So, if Zillow is a brokerage now, what does that mean for the industry?

 

On this episode of the podcast, Rob and Greg are discussing Zillow’s decision to take its iBuyer operations in-house and how that move will impact other aspects of organized real estate. Our hosts explore how MLSs might respond to having Zillow as members and describe how access to MLS data could change the consumer experience on the Zillow site.

 

Rob and Greg go on to consider the impact of Zillow being part of NAR and state and local associations, weighing in on how their participation can be seen as a win for the industry. Listen in for insight on how Zillow’s announcement demonstrates their commitment to becoming an iBuyer-brokerage and learn how Zillow entering the system might lead to an improvement for everyone—or a ‘horror show.’

 

What’s Discussed: 

 

The evolution of listing portals into brokerage and iBuyer hybrid models

How Rob and Greg define brokerages differently

Zillow’s decision to use employee-agents to bring its iBuyer operations in-house

How MLSs are likely to respond to having Zillow as members

Rob’s theory on how Zillow might reposition its Industry Relations team

The potential impact of Zillow being part of NAR as well as state and local associations

How to access to MLS IDX data and VOW rules could transform the consumer experience on Zillow

The leverage Zillow has in getting information from smaller MLSs

What makes Zillow’s shift a WIN for humans (and organized real estate)

 

Connect with Rob and Greg:

Rob’s Website

Greg’s Website

 

Resources:

Opendoor vs. Zillow on Industry Relations EP050

Greg’s Blog Post on BPP

Rob’s Blog Post on Zillow

Stop Zillow Campaign

Greg on Twitter

CLAW’s Delay to Syndication Feeds

REALTOR Political Action Committee

NAR’s Rules on Virtual Office Website

The 2008 DOJ-NAR Settlement Agreement

‘It’s a Good Life’ Episode of Twilight Zone

‘A Trifecta! NAR Sued Again Over Buyer-Broker Commissions’ in The Real Deal

Thomas Jefferson’s Quote on Change in Laws and Institutions

Collateral Analytics

Greg’s Blog Post on Zillow

Our Sponsors:

Cloud Agent Suite

Notorious VIP

 

Sep 23, 2020

Opendoor recently announced a merger with special purpose acquisition company (or SPAC) Social Capital, a venture fund headed by rockstar VC Chamath Palihapitiya. This partnership puts the pioneering iBuyer on the same playing field with Zillow. And the battle between the two will be epic.

On this episode of Industry Relations, Rob and Greg are discussing what the competition between Opendoor and Zillow means for consumers, real estate agents, and the industry in general. Rob explains Zillow’s advantages in terms of customer acquisition and monetizing seller leads, and Greg describes Opendoor’s leverage when it comes to operational excellence (otherwise known as ‘eating BPS for breakfast’).

 

Rob and Greg go on to consider how Opendoor might catch up with Zillow when it comes to lead flow, either through an additional acquisition or by working with the industry. Listen in for insight around how this battle of the market-makers will make it easier to buy and sell houses and lower transaction costs—and how that will impact the real estate industry as a whole.

 

What’s Discussed: 

 

The benefits of a merger between Social Capital and Opendoor

What competition between Opendoor and Zillow means for consumers

Zillow’s advantage in terms of consumer audience and monetizing seller leads

Opendoor’s advantage when it comes to operational excellence

Rob’s prediction that Social Capital might also acquire either Redfin or Realtor.com

How Opendoor might work with the industry to generate lead flow

How competition between Opendoor and Zillow is likely to impact real estate as a whole

--Easier to buy and sell houses (mobility)

--Much lower transaction costs

How MLSs might change if transactions double while commissions are cut in half

Greg’s take on why it’s a great time to be a real estate agent

 

Connect with Rob and Greg:

 

Rob’s Website

Greg’s Website

Email gregrobertson@gmail.com

 

Resources:

 

‘Yelp: Nearly 16,000 Restaurants Have Permanently Closed Due to COVID’ in QSR

Social Capital

The Social Dilemma

Opendoor’s Merger with Social Capital

Rob’s 2014 Blog Post on Opendoor

iBuyer Connect

Stratechery’s Interview with Rich Barton

Social Capital’s 2019 Investor Letter

SimilarWeb

Opendoor’s September 2020 Investor Presentation

Rob’s Thought Experiment on Real Estate Agents & Productivity

The Art of the CMA by Greg Robertson

 

Our Sponsors:

 

Cloud Agent Suite

Notorious VIP

 

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 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

 

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

1 2 3 Next »