Michael Wurzer is 100% confident of one thing: The MLS creates value in the real estate market that doesn’t exist in any other way. No one else has created enough trust to generate that same level of cooperation among competitors. And rather than being a scourge to brokers, Michael argues that the MLS powers the market. That unique value prop is the reason why he believes current trends will prove the value of the MLS—not kill it.

Michael is the CEO of FBS, the leading innovator of MLS technology. He has 22 years at the helm of this highly-respected real estate software brand which was named one of Forbes2019 Small Giant companies. On this episode of Listing Bits, Michael addresses the trend toward off-market listings, sharing his take on why it’s not a threat to the MLS. He weighs in on the potential creation of a ‘vendors association’ that would afford prescreened developers access to real estate data.

Michael also discusses the likelihood of consolidation in the MLS vendor space, tech adoption in the employee versus independent contractor models, and the importance of data in light of high agent churn. Listen in for insight around the value of integration among real estate tech vendors and learn Michael’s take on the role of the MLS in creating choice for its members.

What’s Discussed: 

How standards are key in making software easier to build

The trend toward off-market listings and its impact on the MLS

The idea that pocket listings are a kind of DIY-Upstream

The resilience of the MLS community and its unique value prop

The creation of a ‘vendor’s association’ to prescreen developers

Why ShowingTime’s acquisitions of CSS is a holy shit moment

The likelihood of consolidation in the MLS vendor space

Tech adoption in employee vs. independent contractor models

The importance of data in light of high agent churn

Why SaaS marketing techniques don’t work in real estate

The value of integration among vendors and with the MLS

The role the MLS plays in creating choice for its members

Resources:

Pocket Listings on Industry Relations EP037

Inman Panel on the MLS & iBuyers

Michael’s ‘Death of MLS?’ Blog Post

Andy Woolley at Homes.com

Swanepoel Trends Report

ShowingTime’s Acquisition of CSS

Lone Wolf Technologies

Software is Eating Real Estate on Industry Relations EP029

Cloud CMA Developers Page

BombBomb

Curaytor

Connect with Michael:

FBS

Flexmls

Michael on LinkedIn

All Eyes on iBuyers: What Does the Future Look Like?

“Addressing the audience of more than 300 brokerage executives and industry leaders, Bob Hale—President & CEO of the Houston Association of REALTORS® (HAR)—kicked things off by looking at the cold hard facts.
A recent consumer survey that dealt with iBuyer programs conducted by the Association found that:
– 33 percent of respondents are aware of the term, even though it’s only been on the market for less than seven years.
– 41 percent of current sellers would consider working with an iBuyer.
– 92 percent of consumers work with and want to work with a REALTOR®. Even if they did an iBuyer program, they want a REALTOR® to represent them.
“What we need to pay attention to though is the fact that 80 percent of respondents are interested in seeing how much an iBuyer would offer,” said Hale, who is committed to informing and educating HAR members as to how different iBuyer programs operate.”

The FUD around these iBuyers and their offers are similar to what we’ve seen with Zillow’s Zestimate. Bottom line is today no REALTOR should walk in to a listing presentation not knowing the Zestimate. Going forward I would think it wise the REALTOR also know what the top iBuyers’ are offering as well, and understand the fees associated.

Does anyone know if this survey is available publicly?

MLS Grid achieves Platinum RESO Certification

“This designation is yet another way to tangibly show how MLS Grid is helping propel real estate technology, transitioning away from RETS, which was introduced in the 1990s to the more modern Web API” said MLS Grid CEO Joseph Szurgyi. “MLS Grid is RESO in action, and by furthering these standards, we’re making the RESO compliance and data licensing processes easier for MLSs, brokers, and their technology vendors.”

Love this. A solution that makes it easier to build new products and get them out to the market faster.