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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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Now displaying: September, 2020
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

 

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