Three authors.
Three books.
Three very different takes on real estate: CMA, strategy and AI.
But there’s still one number left to explain.
9.30.2026
#331 #realestate #realestatebooks #AI #CMA #strategy
Now you know the second 3: Three books.
Meet the 3
Three authors. Three different corners of real estate. One idea we decided to try together.
That’s your next clue.
09.30.26
#331 #realestate #authors #staytuned
Who’s Marketplace?
The Industry Relations Podcast is now available on your favorite podcast player!
Overview
Rob and Greg dig into the Northwest MLS settlement with Compass, unpacking what it signals for the industry beyond the specific deal terms. The core debate: has Northwest MLS quietly redefined “open marketplace” to mean the MLS itself (its paying subscribers) rather than the open internet — and if so, is that a genuine philosophical shift or just a pragmatic compromise to get lawyers off the clock? They dive into the “First Look” compromise, real numbers on how many listings actually go private, why Zillow treats this as an existential threat, and whether a bigger “grand compromise” between brokers and MLSs is still coming.
Key Takeaways
– Northwest MLS and Compass reached a settlement/compromise rather than continuing costly litigation.
– Rob’s central argument: NWMLS is effectively redefining “open marketplace” as its member agents/brokers, not the general public internet.
– The compromise centers on “First Look” — a window where members can see listings before they hit the public MLS/internet.
– Greg pushes back that this is more pragmatic business compromise than a deep philosophical shift.
– Cited numbers: roughly 96% of listings still go straight to the MLS; of the remaining ~4% held privately, only about 10% actually sell.
– Rob argues Zillow’s aggressive opposition to private listings stems from fear the practice could scale dramatically due to competitive incentives for brokers.
– Windermere reportedly has the most exclusive listings in Northwest MLS despite historically opposing this practice publicly.
– New Northwest MLS rule requires listing agents get equal visibility to buyer agents on portals and websites.
– Consumer advocates (Nick Aufenkamp, Wendy Gilch) argue this shift hurts buyers by fragmenting where listings are visible.
– Rob floats a “grand compromise” concept: everything goes into the MLS, but brokers get full marketing freedom outside that requirement.
– The conversation touches on Glenn Kelman/Redfin’s more consumer-mission-driven leadership as a philosophical counterpoint to the “customer = agents” framing.
– Both agree litigation risk (state inquiries, potential class actions) remains a live wildcard going forward.
Links
OpenAI Astra
Direction of Travel
In the listing wars, consumers are a proxy for the real customer
Connect with Rob and Greg
Watch us on YouTube
Our Sponsors:
Production and Editing Services by Sunbound Studios
Three numbers. One date.
I’ll explain soon.
#331 #realestate #comingsoon
Who really has sovereignty over MLS data? [Sponsor]
How can we be the best stewards of our data? It’s a question every MLS, broker, and agent is asking, and one that deserves a straight answer.
FBS believes the MLS is the true steward of its database, and brokers own their individual listings—that’s a winning combination. Their technology is built to support this, giving your team simple, effective tools to manage data based on your specific market, honor broker distribution preferences, and keep compliance straightforward with built-in tracking. With the Spark Datamart, They’ve brought licensing, approvals, and usage tracking together into one central, easy-to-use dashboard for your team. They’re also introducing new photo watermarking technology, so you can easily verify that your listing photos are being displayed exactly as agreed.
The result is a data model shaped around each MLS’s own market and its own policies, not a template FBS hands down the same way to everyone. For an MLS weighing the long-term value of its data, that’s a distinction worth understanding.
One Partner. Unlimited Potential. See how to put your MLS’s data ownership to work
Thanks again to FBS for supporting Vendor Alley this month.
Webinar: The State of CMA: 2026 Insights
My friends at Lone Wolf have asked me to participate in a webinar later this month about “The state of CMA”. I’ll be joined by my friend Kyle Hunter. We will go over some of the results of our joint survey, Best Practices for CMAs and Listings Presentations, Giant Steps did with Lone Wolf.
Here’s the link to register: Webinar: The State of CMA: 2026 Insights
If you run an MLS and want to promote some good information for your members please share the link!
We will be discussing a few things:
- Key insights from the survey
- Why real estate agents think a CMA is more relevant than ever.
- My thoughts on AI and pricing
- Why a “driveway CMA” is a HORRIBLE idea.
Things might get spicy!
Join us on Thursday, September 17 at 2:30pm Eastern
What is an MLS based on “First Principles”?
The Industry Relations Podcast is now available on your favorite podcast player!
Overview
Rob and Greg are joined by Michael Wurzer, President and CEO of FBS, for a live continuation of the IDX/data-distribution debate that started at the Columbus Realtors event and continued in a series of dueling LinkedIn posts. Rob argues the MLS should get out of data distribution and marketing entirely; Wurzer defends a reformed, usage-based IDX system; Greg plays referee. The conversation ranges from first-principles arguments about what the MLS is actually for, to pricing and licensing models, to whether a national MLS is closer than anyone thinks.
Key Takeaways
- Wurzer proposes keeping IDX but shifting to volume/usage-based licensing instead of blowing up the current system
- Rob argues the MLS’s only legitimate first-principle purpose is brokerage cooperation, not data distribution or marketing
- Wurzer: licenses should follow use — display rights are separable from participation rights
- Rob compares reforming IDX incrementally to “improving slavery” rather than abolishing it — Greg pushes back hard
- Wurzer references Craig Cheatham’s writing on shifting licensing focus to how data is used, not who’s using it
- Discussion of whether non-broker companies (House Canary, Zillow, OpenAI) should get separate syndication licenses distinct from broker/participant data licenses
- Rob argues MLS “creates no data” — all data originates from brokers and agents (the “ultimate UGC”)
- Wurzer counters that aggregation itself has independent value, distinct from the underlying listings
- Debate over whether a national MLS is realistic — Rob claims only ~25 MLSs are needed to reach 85% listing share
- Both agree clear cooperation as a nationwide mandate was likely a policy mistake
- Wurzer references Daniel Jones (Hive) as working on a formal “MLS constitution” concept
Links
Connect with Rob and Greg
Watch us on YouTube
Our Sponsors:
Production and Editing Services by Sunbound Studios
AI tools you will actually want to use [Sponsor]
A feature earns a headline. A habit earns its place in someone’s workday. FBS’s approach to AI is to earn that place in your workflow, building tools you’ll utilize without thinking twice.
Prefer your own AI tool? The Flexmls MCP server gives it direct, secure access to real-time Flexmls data, so you can bring the tool you already like and get answers grounded in accurate MLS data. The same connection turns an MLS’s own rules, forms, and policies into an AI-searchable resource, giving MLS staff and subscribers fast, reliable answers exactly when they need them.
Prefer a tool that works inside Flexmls itself? An AI Assistant will soon give you the ability to get answers, analyze MLS data, generate reports, and more, all without leaving the MLS system. Alongside it, Auto Assistant+ speeds up listing entry by auto-populating fields from photos and existing listing data, for quicker, more complete listings. Together, they turn the MLS into something agents actively reach for to manage their business and understand their client relationships more clearly.
Whether you’re pulling data or putting AI to work analyzing it, FBS keeps you grounded in real MLS data you can trust, built around how you already work, not someone else’s idea of how AI should feel.
One Partner. Unlimited Potential. See how FBS is building AI worth using
My thanks again to FBS for sponsoring Vendor Alley this month.
FBS [Sponsor]
If you’ve worked around the MLS industry for a while, you probably know FBS or at least one of the products they’ve built.
Flexmls is probably the name most familiar to many of us. FBS has been building technology for the MLS industry for decades, so they’ve had a front-row seat to a lot of change in this business.
This September, FBS is sponsoring Vendor Alley, and I’m happy to have them here.
If you haven’t checked out what they’ve been doing with Flexmls lately, take a look:
Many thanks to FBS for sponsoring Vendor Alley this month.
MLS Reset [Sponsor]
A quick shout-out to MLS RESET for sponsoring Vendor Alley this August.
If you spend any time in the MLS world, you know there’s no shortage of things to talk about right now. MLS RESET is getting a bunch of those people in the same room to do exactly that.
Should be some good conversations.
If you haven’t registered yet, take a look.
And thanks again to MLS RESET for supporting Vendor Alley.
