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In this episode, Rob and Greg dive into Zillow’s legal strategy in its defense against Compass's lawsuit, focusing on Zillow’s surprising claim that it only facilitates a “single-digit” percentage of real estate transactions. They debate the strategic implications of this position—especially how it could undermine Zillow’s perception of power in the industry—and analyze the broader impact on listing presentations, MLS relationships, and competitors like Compass and Homes.com. They also preview the upcoming Inman Connect in San Diego and discuss potential industry sentiment and attendance given the market’s current challenges.
Zillow's Legal Strategy: Zillow argues it is not a monopoly, claiming it only facilitates a single-digit percentage of home transactions.
Strategic Risk: Rob questions why Zillow would make this claim, suggesting it weakens their perceived power and brand strength in the industry.
Agent Sales Impact: The claim could hurt Zillow's Premier Agent business by giving competitors a compelling narrative (“why pay for single-digit exposure?”).
Compass Lawsuit Context: The lawsuit stems from Compass’s perception that Zillow’s policies harmed their three-phase marketing strategy and listing exposure.
MLS Relationships: Rob and Greg wonder how MLSs might reevaluate their relationships with Zillow after this shift in positioning.
eXp-Zillow Data Feed Deal: Rob questions why eXp is sending direct data feeds to Zillow when MLS feeds already exist.
Inman Connect Preview: Greg expects a smaller, more introspective crowd due to market conditions. He plans to gather MLS sentiment on the ground.
Industry Power Perception: Rob contends Zillow is still the most powerful entity in organized real estate—more than NAR post-clear cooperation—making its current legal stance all the more surprising.
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The Industry Relations Podcast is now available on your favorite podcast player!
In this episode, Rob and Greg cover recent legal decisions, MLS policy shifts, and major moves by real estate portals. They discuss the dismissal of Homie’s lawsuit against NAR and large brokerages, examine NWMLS’s new referral fee disclosure rule, and analyze the implications of Realtor.com acquiring Zenlist. The episode also reviews Homes.com’s latest seller-focused marketing campaign and raises questions about portal strategy and industry alignment.
Key Takeaways
Homie v. NAR Lawsuit Dismissed – The case brought by Homie against NAR and the big brokerages was dismissed. Rob and Greg discuss why the case failed and how omitting local MLSs may have weakened it.
NWMLS Referral Fee Disclosure Policy – Northwest MLS now requires disclosure of referral fees. Rob questions the consumer impact, while Greg views it as a proactive move by the MLS.
Realtor.com Acquires Zenlist – Realtor.com purchased Zenlist. Greg sees it as a positive sign for the startup space; Rob speculates on strategic motives if MLS access becomes disrupted.
Homes.com Seller Marketing Campaign – Homes.com sent direct mail brochures to sellers urging paid listing promotion. Industry response was mixed, and Greg shares internal feedback on the campaign.
Portal Strategy and Industry Perception – Final thoughts include discussion on how portals are messaging to agents and the public, and whether CoStar’s anti-Zillow positioning is effective.
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In this episode of Industry Relations, Rob and Greg tackle the thorny question of who should have access to real estate listing data. Prompted by a Wired article about college students using Zillow to assess classmates’ wealth, Rob argues that the real estate industry should move some listing details—like interior photos and price history—behind a broker-consumer relationship. Greg pushes back, defending the value of open data and the impossibility of cleanly separating legitimate buyers from “random voyeurs.” The conversation dives deep into VOW rules, privacy, and what it means to be a consumer in 2025.
Key Takeaways
Prompt for the Episode – A Wired article reveals that young people are using Zillow to snoop on classmates’ family wealth, raising privacy questions.
Rob’s Proposal – Rob suggests moving data like days on market, interior photos, and price change history to the VOW feed instead of IDX.
VOW vs. IDX – They revisit the 2006 DOJ/NAR settlement that created Virtual Office Websites and debate whether its definitions still work in 2025.
Who Is a “Legitimate” Consumer? – Rob proposes that anyone willing to speak to an agent qualifies, while Greg argues that even dreamers browsing for years could be future buyers.
Advertising vs. Research Data – They attempt to draw a distinction between marketing information meant to attract interest and data meant to inform a buyer’s decision.
Barriers and Incentives – Greg warns that placing obstacles in front of consumers—even just requiring a lead form—might diminish site traffic and engagement.
Portals and Traffic Obsession – Discussion of how Zillow, Realtor.com, and Homes.com measure success by traffic volume, and why reducing public data might not align with their incentives.
Consumer Privacy vs. Industry Benefit – Rob argues that the industry has no obligation to serve voyeurs, while Greg questions whether we can—or should—attempt to limit access.
A Potential VOW Framework – The episode closes with a thought experiment: Should consumers need to name an agent (or form a relationship) before accessing detailed listing info?
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Overview
In this episode of Industry Relations, Rob and Greg unpack the lawsuit Compass filed against Zillow over its ZLAS (Zillow Listing Agreement Standard) policy. They debate the strength of Compass’s legal claims, the language cited in the complaint, and what the alleged behind-the-scenes meetings reveal about Zillow’s influence in the real estate industry. Rob argues that Zillow is exercising monopoly power—even if it’s not illegal—while Greg pushes back on whether that power is absolute or harmful.
Key Takeaways
Compass Lawsuit Against Zillow – Compass has sued Zillow over ZLAS, and Rob and Greg break down what the complaint says, especially around alleged comments from Zillow executives.
Redfin’s Role in the Lawsuit – The lawsuit describes a phone call between Redfin CEO Glenn Kelman and Compass’s Robert Reffkin, which raises questions about Redfin’s alignment or neutrality.
Allegations from the Zillow Meeting – The complaint claims Zillow executives said they would “not allow” Compass to have listings that aren’t on Zillow. Rob questions how MLSs will interpret that language.
Zillow’s Relationship to MLSs – Rob and Greg debate whether Zillow is stepping into a policy-making role that could create long-term tension with MLSs.
Monopoly vs. Illegal Monopoly – Rob insists Zillow is a monopoly in terms of influence, while Greg questions whether that matters if they haven’t broken any laws.
Private Listing Networks as Leverage – Rob suggests that large brokerages should consider creating private listing networks to provoke offers or concessions from Zillow.
MLS and NAR Dynamics – The conversation revisits the lack of MLS policy leadership from NAR and whether groups like CMLS can step up in its place.
Consumer Perception of Real Estate – Greg ends by cautioning that all this infighting could be harmful to public trust, as evidenced by critical reader comments in mainstream news outlets.
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