RESO Fall Conference
Industry Relations Podcast: The Industry Needs To Stop Fronting
It seems everyone in the industry is still obsessed with CCP. Rob and Greg are no different. The show starts off with Rob giving Greg some advice on his upcoming client meetings, but quickly shifts to the recent back and forth about CCP. Greg thinks that industry players like Compass CEO Robert Reffkin to stop spreading misinformation about MLS. Rob says there is blame on both sides. Things get interesting from there.
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This podcast is produced by Sunbound Studios
OMG! They did it!
Woke up early this morning to “catch” this. SpaceX just launched its biggest rocket, which includes Starship. But the trick was they wanted to catch the booster part of the rocket back on the launch platform with what they call, “chopsticks”. And they did it!! I was watching this live on my phone jumping around in the kitchen like a madman!
Oh, and BTW, Starship made it to orbit with no problems.
Stop and look at the thing
Some Friday fun. If you want to get a peek in to what I find inspiring here you go.
Why is Robert Reffkin spreading lies about MLS?
Bright MLS CEO checks Robert Reffkin on Clear Cooperation Policy
“What concerns us the most is that these false claims are trying to harm us and benefit primarily the brokerage through sellers not getting the widest exposure for their listing.
“In our view, it could put homebuying and selling in the hands of a select few agents who could choose with whom they want to share information. Ultimately, we think getting rid of the norms and protocols about how information is shared would slide the real estate industry down the mountain into a heap where buyers and agents are forced to pore through online marketplaces and thousands of brokers’ sites to weed out scams and find possible properties. I am confident no one thinks that’s a good idea.”
Brian Donnellan, CEO Bright MLS
Masterful rebuttal from Brian Donnellan calling out Refkkin’s nonsense. At CMLS the misinformation Reffkin was putting out on stage reminded me of another meme.
But why put on such a show? What with all the hand waving? We all know what’s going on. Brian Boero’s post, “Clearing the air of Clear Cooperation” laid it out.
“Some big brokers, among whom Compass is the most vocal, want to accelerate their private listing efforts. Compass has been quite clear about their desire to become a listing destination. Given years of eroding margins, and the potential for commission compression in a post-settlement world, big brokers would like to keep as many transactions in-house as possible and fully leverage their hard-won market share. A critical mass of private, exclusive listings is also a big recruiting lever.
Why not just say that? It’s an obviously rational position, and one that is not inherently evil.”
It seems that culturally, we now rely on fear as the main way to make a point. Whether it’s immigrants ‘eating our cats and dogs’ or the ‘end of democracy.’ Just stop.
And by the way, if Reffkin or any other broker thinks that private/exclusive listings are the right strategy to increase their margins, they need to think harder about this problem. The market will turn, and coming up with band-aid solutions to current problems is not the answer. The real reason you’re failing is that you’re not delivering value to your customers. Focus on that, not on spreading fear.
Zillow President, Susan Daimler, speaks out against private listing networks.
Private listing networks harm sellers, buyers, and fair housing
“For the very few people who need maximum privacy over maximum price, there should be options to have a home privately listed. This practice should be the exception, not the rule, because it doesn’t serve the needs of most sellers. And most MLSs do allow sellers to opt out of having their listing online. But for those who believe they are making the decision to list with a private network for any sort of reduced hassle in the form of avoiding showings or timing delays need to understand the clear tradeoff they’re likely making in price and selling speed. “
Exactly. Many proponents of pocket listings argue that it’s about preserving the seller’s freedom to sell however they want. But that’s just a smokescreen. Sellers and buyers currently benefit from a unified marketplace, and dismantling this system would harm them, driven by the greed of larger industry players.
Industry Relations Podcast: Whadup with dat PDAP?
Many people don’t know or understand NAR’s PDAP. PDAP stands for Participant Data Access Policy. And PDAP is at the heart of today’s episode.
Rob and Greg dive deep into the topic of who actually owns MLS data. The answer, as it turns out, really depends on who you ask. But we’re living in a new world where private MLS ownership is becoming a reality, and also what are those second order consquences? Greg also catches up with Rob about Rob’s meetings with brokers and their opinions on MLS data ownership—spoiler alert: they think they do. It’s a thought-provoking discussion that may raise more questions than answers.
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Section 18. Right of Participant to MLS Data Feed of Listing Content (Policy Statement
Rob’s latest Substack : Why the Data Ownership Thing Worries Me
South Park Human Centipede Episode
Connect with Rob and Greg:
Our Sponsors:
This podcast is produced by Sunbound Studios
The Economist interviews Rob Hahn on Money Talks podcast
Will America’s realtors change their ways?
“Agent commissions are a key part of how the US housing market operates. Realtors representing the seller and the buyer have typically taken a large cut of the sale price – usually 5% or 6%. Now the National Association of Realtors has lost a class action lawsuit brought by homesellers, claiming these high commissions are the result of anti-competitive practices. So will new rules, agreed in the settlement of this suit, bring down the cost of buying and selling a home?”
The Notorious ROB hits the big time! The podcast also includes Michael Ketchmark as a panelist. Super interesting to hear from the host’s non-American perspective of our real estate system.
Arab MLS introduces Matrix MLS platform
Arab MLS and CoreLogic Collaborate to Revolutionize Real Estate in the Arab Region
“A comprehensive project was swiftly executed to extend the Matrix platform to support Arabic, ensuring the user experience meets the expectations of Arabic speakers for an intuitive, modern web application. This involved a complete redesign of the UX, including the layout of reports, displays, and screens. Arabic speakers expect navigation elements, icons, and various features to be oriented and function differently compared to English speakers. These capabilities were successfully introduced in July in the Egypt MLS, powered by Arab MLS and CoreLogic. Arab MLS plans to launch in the UAE before year end.”
I wonder if they added “Palace” as a new property type.
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