Word on the street is that Alice Myerhoff (@motodot) is leaving Inman News to join Pivot a company headed by Brian Solis specializing “from social brands to social business”. Alice was the SVP of Sales/Business Development at Inman for over 6 years.
I’m going to miss Alice. She would always listen to my crazy sponsorship ideas and sometimes we even implemented them. Please join me in wishing her well.
When REN?
A few things have been written about MOVE’s latest announcement on the creation of the “Real Estate Network” (REN). MOVE’s says REN will “extend the syndication of property listings to highly trafficked websites operate by real estate franchisors and brokerage networks.”
I have to say I think this is a brilliant strategy on MOVE’s part. Here’s why:
1. Zillow and Trulia have already proven quantity (and quality for that matter) of listing data isn’t necessary to operate a highly trafficked real estate portal.
2. This further hedges MOVE’s position. MOVE currently depends upon its agreement with the National Association of REALTORS (NAR) for listings and does not run a national IDX network.
The big question is “who cares?” So I’m going to focus on a few tipping points that would cause a Franchisor or brokerage network to implement a REN feed on their respective websites.
1. SEO benefits
I think this is the weakest case. Most Franchisors running sophisticated IDX networks from vendors like Homes Media Solutions (formerly eNeighborhoods) and RED (formerly LPS Real Estate Group) have already figured out how to maximize SEO benefits using a platform designed to be a launching site for a “network of broker idx sites”.
2. Cost
This is a big factor. As I’ve stated Zillow and Trulia have already proven quantity of listings doesn’t matter. Aggregating MLS data from multiple sources managing all those different display rules and paying those MLS fees have a huge cost associated with it. What if RE/MAX is paying their IDX vendor $70,000 per month and MOVE is offering REN for $7,000 per month. Is it possible that a company like RE/MAX might opt to save the money? Maybe.
3. The MLS Two Step
This is also a potential decision point. Lets say that a particular MLS provider, for the purposes of this example the Houston Associaiton of REALTORS (HAR) has made is very difficult to display listings from their MLS. The Franchisor always has to jump thru a few extra more hoops when dealing with HAR. Will some Franchisors be willing to forego not having all Houston listings as long was they don’t have to talk to Sam Scott anymore? Maybe : )
4. Filling the gaps
The REN might be a great way for new and exisiting Franchisors to supplement coverage in areas where they don’t have a Franchisee yet. According to the rules they would still need a license in the state, but thats relatively easy. This makes Realty Executives participation as a charter member of REN a little clearer.
5. Exposure.
Search traffic to real estate portals is still heavily brand related. Long tail searches are a relative minor piece to the equation. It was announced recently that Century 21 is running a Super Bowl ad on February 5th. Depending on when REN would be implemented how ironic would it be when Realty Executives announced to their agents that all their listings would be advertised during the Super Bowl. Pass the chips!
In a way MOVE, with the announcement of REN, has changed the conversation away from IDX (something they are very weak in) to Syndication (something they are very strong in).
“If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle”
― Sun Tzu, The Art of War, Special Edition
Smart MOVE.
MLK
“Cowardice asks the question, ‘Is it safe?’ Expediency asks the question, “Is it politic?’ But conscience asks the question, ‘Is it right?’ And there come a time when one must take a position that is neither safe, politic, nor popular but because conscience tells one it is right.”
Market Leader, Inc Form 8K filed 12/30/2011
“The termination was effective December 31, 2011. As a result, Imprev has released Market Leader from future minimum contractual liabilities totaling $2.6 million, as well as any and all future revenue sharing payments related to the revenue generated from the premium SaaS solutions being provided to Keller Williams professionals. Market Leader will pay Imprev early termination fees totaling $1.45 million, which the Company expects to record as contract termination costs in the fourth quarter of 2011.
Concurrently, both parties entered into a transitional services agreement for the period January 1, 2012 through June 30, 2012 for which the Company will pay Imprev $600,000.Starting in the first quarter of 2012, Market Leader will offer its own marketing, design, and printing capabilities as fully integrated components of its SaaS platform and products based on the solutions that were acquired as part of the August 2011 acquisition of SharperAgent.”
Ouch.
New York Real Group Forges Statewide Stats Partnership with 10K Research
“The New York State Association of REALTORS® (NYSAR) and 10K Research and Marketing are pleased to announce the February 2012 launch of a statewide housing market reporting partnership using combined data from Multiple Listing Services from throughout New York State.
10K will gather and organize housing sales data from the state’s array of 31 MLSs and provide unique, attractive and localized market reports to 33 participating local associations within NYSAR, making each group the definitive voice of real estate in their respective local markets.”
Two things I love about this. First thing; 10K is clearly doing well. It just shows you how great products combined with a awesome team can succeed (in any market). Secondly, 10K Research is part of the Minneapolis Association of REALTORS. You hear a lot about local associations struggling with generating new forms of revenue and business models. These associations should look look north.
Homes & Land names new CEO
Bill Shue hired as Chief Executive Officer for Homes & Land
“The Cheyenne Group has successfully placed Bill Shue as the new Chief Executive Officer for Homes & Land.
In the role of Chief Executive Officer, Bill will be responsible for driving the performance of the company by developing operating strategies and tactics that will propel the financial growth of the business.Bill was previously President of RealtyU Group, Inc. and prior roles to that include Founder and President of Entreport/ISucceed, an online learning management company and the first online training website for real estate agents, and President of Caribiner International Corporation.”
Tough gig.
Happy Holidays!
Glenn Kelman, CEO of Redfin, wrote a blog post entitled “SOPA Witch-Hunters, Count Me Out” and then just hours later entirely retracted the whole blog post.
“But I was still wrong about whether the boycott was a violation or a shining example of free speech. It’s a shining example. If you have ever gotten into an argument in which you hoped your unassailable logic would slay the will to live of the other side, please print this blog post out. My will to live has been slain for the moment, and I can’t delete it so I just have to eat it.”
In this post Glenn is so utterly brave, beautifully human and damn inspiring.
South Florida Sh*t Storm
This will be fun to watch!
‘Fort Lauderdale Realtor Group sues Miami Realtor Group’
The South Florida Business Journal reports things are heating up in South Florida.
“Through its false and deceptive advertising and other contact MAR has brazenly sought to drive and has driven members away from RAGFL and diverted new members from joining RAGFL thereby causing damages to RAGFL,” says the complaint, which alleges violations of the Lanham Act.
I can’t believe they cited the “Lanham Act”.
Speaking of listing syndication…
I sent this post out to Vendor Alley Private Newsletters subscribers last week but thought it was worth a re-post today.
I’ve been reading a few interesting perspectives on listing syndication.
Here’s the first one:
Jon Colie, President of Champion Realty – Guest posting on MRIS‘ blog, REsource
If you think about it, a national aggregator selling agents leads off of a website becomes less about the quality of the listing database and far more about the quantity. More listings mean more “eye candy” thus more opportunities to sell agent placement.
Champion Realty is a HomeServices Company, natch!
And the second comes from a comment made on a Vendor Alley post about Brookfield acquiring Prudential:
Brad Blumberg, Smarter Agent
Am I the only one who finds it amazing that the entire real estate relo and franchisor business of Prudential just sold for $110 million, and Zillow Market Cap on that day was over $600 million. Has the value of the real estate purchase shifted to the aggregators at the expense of the value of real estate brokerage businesses. Think Edina realty, when they pulled listings from Trulia, was thinking about creating local value in their brand instead of adding value to the aggregators?
Smart!
