Rob and Greg break down the newest developments in NAR governance, the fallout from the failed referral-fee disclosure vote, and the rapid moves by industry players like eXp and CAR to implement their own transparency standards. They also examine broader structural questions: Should MLSs raise the bar? Is the NAR brand salvageable? The conversation then turns to Zillow’s decision to remove climate-risk scores, shifting public sentiment, and the growing political and economic pressures facing housing, affordability, and real estate professionals. 

Key Takeaways

• NAR’s proposed change to the Code of Ethics regarding referral-fee disclosure failed—not at the board level, but at the delegate body, highlighting severe governance issues. 
• eXp and the California Association of REALTORS® are moving ahead with their own transparency and disclosure updates, signaling a break from NAR’s direction. 
• The discussion raises whether MLSs should (or realistically can) “raise the bar,” with Rob arguing it could undermine the MLS value proposition. 
• Greg and Rob note that weakened enforcement and membership incentives make it difficult for NAR to rebuild the Realtor brand without major structural reform. 
• Zillow has removed on-site climate risk scores after industry pushback, which Rob frames as Zillow aligning with shifting consumer and cultural sentiment. 
• The hosts raise concerns about affordability, generational frustration, and political volatility—warning that real estate professionals must better understand and respond to consumer mood.

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Production and Editing Services by Sunbound Studios

In this episode, Rob and Greg dive into the newly surfaced Zillow–Compass court documents, a leaked Zillow strategy plan, and Mike DelPrete’s analysis of the preliminary injunction hearing. They also discuss the broader market context—from the real cost of living in 2025 to generational tension—and debate whether the lawsuit will meaningfully change industry behavior. The conversation closes with predictions, stakes, and possible compromise paths between Compass and Zillow.

Key Takeaways

• A “must-read” macro article kicks off the show.Rob discusses a Substack piece on the U.S. poverty line and how outdated metrics distort today’s economic reality. Zillow and housing affordability tie back into the industry.
• The leaked Zillow strat plan is unusually strong.Both hosts agree the internal document is one of the most robust strategic plans seen in real estate, showing detailed situational analysis and clear tactical pathways. MLSs should study its structure.
• Compass vs. Zillow: The PI hearing matters.Rob argues the preliminary injunction ruling may reshape industry norms more than the eventual trial. If Compass wins, Zillow may need to pivot fast. If Zillow wins, Compass may face recruiting and retention issues.
• DelPrete’s takeaway: “Nothing will change.”Greg leans toward this view, citing industry inertia. Rob disagrees, pointing to long-term structural shifts like MLS loss of compensation and NAR’s diminishing relevance.
• Broker exclusives and 3PM are the core battle.The debate centers on whether private/preview listings harm consumers or empower brokers. Greg doubts the model’s long-term viability; Rob sees competitive incentives that could drive proliferation.
• Potential compromise ideas emerge.The hosts float options such as removing Days on Zillow, hiding public price-change history, or creating a paid Zillow product for private listings. No clear middle ground exists yet.
• Predictions and a steak-dinner bet.Both tentatively lean toward Compass having a better storytelling advantage in court, though the outcome is far from certain.

Links

Zillow’s coordinated pressure campaign against MLSs

Ocusell Fills the Gap

Aligned Showings

A Strategic Analysis of the Compass v. Zillow Court Hearing

Connect with Rob and Greg

Rob’s Website 

Greg’s Website 

Watch us on YouTube

Our Sponsors:

Cotality 

Notorious VIP

The Giant Steps Job Board 

Production and Editing Services by Sunbound Studios