Where Real Estate Gets Its Dirt

What is an MLS?

Organizations around the country are navigating the question of “what’s next?” in the real estate industry. We’ve been exploring that by reflecting on the past and examining where we stand today. One of the questions we frequently ask is:

What would you say if someone asked, “What is an MLS?”

I’m struck by how difficult this question is to answer—even for myself, someone who writes a blog and co-produces a couple of podcasts in the industry. Part of the challenge, I think, stems from the recent settlement changes; we’re still working to define and understand the evolving role of the MLS.

When I checked Wikipedia, I found the first sentence to be completely wrong:

“A multiple listing service (MLS, also multiple listing system or multiple listings service) is an organization with a suite of services that real estate brokers use to establish contractual offers of cooperation and compensation (among brokers) and accumulate and disseminate information to enable appraisals.”

“Cooperation and compensation”? Uh, yeah, no.

Sam DeBord addressed this very question in his excellent three-part series, “What Every Real Estate Professional Needs to Know About the MLS,” on Real Estate News. If you haven’t read it (or if it’s been a while), I highly recommend revisiting it. Additionally, CMLS, in partnership with 1000watt, has done a phenomenal job with their “Making the Market Work” campaign. Both are worth a read—or re-read—because they provide insightful perspectives on the MLS.

But what I’m really looking for here is something shorter—a true elevator pitch. As a copywriter, I want something punchy, something that people can visualize and “get” immediately.

Here’s my first attempt (and I hope to refine this further):

“The MLS is a professional network of real estate brokers, agents, and other professionals that help people buy and sell homes.”

Now it’s your turn—share your version in the comments!

Industry Relations Podcast: Understanding both sides of the housing market

Episode Summary:

In this episode, Rob and Greg tackle the latest developments in the housing market and its broader implications for real estate professionals. From dissecting the DOJ’s recent moves to exploring how transactions and home prices define market strength, the duo brings sharp insights and engaging commentary to these critical topics.

Discussion Highlights:

• DOJ’s Statement of Interest: What it means for buyer agreements and competition in the real estate market.

• Market Metrics Debate: Rob questions whether housing market health should be based on transactions and sales volume rather than just home prices.

• Affordability and Transactions: The ongoing challenges of affordability and declining transaction volumes in shaping the housing landscape.

• Broker Challenges: Navigating regulatory uncertainties and adapting to evolving DOJ scrutiny.

• Future Predictions: Speculating on the DOJ’s next steps and potential impacts on real estate practices.

Key Takeaways:

• The DOJ aims to promote competition, with specific attention on transparency and buyer agreements.

• Home prices and transaction volumes tell different stories about market strength.

• Brokers and agents face significant uncertainty as they adapt to legal and market changes.

• The need for consumer awareness and transparency remains central to the evolving real estate industry.

Watch us on YouTube!

Connect with Rob and Greg: 

Rob’s Website

Greg’s Website

Our Sponsors: 

CoreLogic

Notorious VIP

The Giant Steps Job Board

This podcast is produced by Sunbound Studios

MLS Reset is Sold Out

Welp, the response has been amazing and the teams at PRESTA and Giant Steps are happy to announce that the MLS Reset conference is sold out. We are going to post the preliminary speaker line up soon. We are also putting together a wait list, so if you are interested reach out (sooner than later) at info@mlsreset.com. My thanks to everyone who has supported us on this latest endeavor, we are going to do our level best to put on a great show for you!

Vendor Alley 2024 Holiday Gift Guide

It’s that time of year again! I’ve curated a great list than will sure to bring a smile to anyone on your holiday list.

How about a deck of fancy playing cards by Theory 11? I like to keep a deck of playing cards in my carry on or laptop bag. This low tech solution is great to fiddle or practice some flourishes while on longer Zoom meetings. Leave your boring Bicycle decks at home and choose to carry a a fancy deck from Theory 11. Great stock stuffers.

FreshBooks Are you recently liberated from your nine to five and started a consulting company? Have a side gig? Or just a regular old start up in need of a simple way to bill and track expenses? Freshbooks is your answer. Honestly this is the best piece of software that I’ve used in a long time. Super simple to set up and makes you look pro right from the start. Highly recommend.

Heavy Duty Twist Ties – Okay hear me out. How many damn charging cables to do you have in you bag or just laying around at home? Too many I bet, and they are a mess. I’ve tried the velco ties, but they are too long and can be a pain in the ass. These aren’t the twist ties that came with your sandwich bread bag, these are heavy duty and meant to last. Trust me, you’ll thank me later!

CIVIC Access Pouch 2L If you are like me you have a lot of cables, pens, chargers, adapters and such. I’ve tried many EDC pouches but found the traditional accessory pouches lacking, mostly due that I need to empty the entirely out to find what I need. That’s why I love this design. It’s perfect for travel since I use it as a desk caddy in my hotel room. I got mine in Burnt Orange but they come in 3 different colors.

The Art of the CMA Last, but not least, is my book, The Art of the CMA. Can’t think of a perfect gift for your board of directors? Click here and send me a list of their names and I will personalize each copy with a special message and an autograph. Bulk discounts are available!

Happy Holidays!!

DOJ files eleventh hour statement of interest in Sitzer/Burnett Case

Tanya Monestier from her LinkedIn post:

“Well, I didn’t see this coming . . .

The DOJ has filed a statement of interest in Burnett. It’s not as detailed as the one in Nosalek, but two key points it makes:

1. Compliance with the NAR settlement does not insulate any defendant from DOJ antitrust action.

2. The requirement that an agreement be signed prior to touring a property may itself raise antitrust concerns.

Talk about a last-minute twist . . “

I actually think this is somewhat good news. What the DOJ takes issue with is the requirement for the buyer’s agreement to be executed before a home showing. They feel this could unnecessarily tie buyers to a single agent, limiting their opportunity to work with other agents and therefore reducing competition. I’ve always thought the timing of the buyer’s agreement signing was problematic. I’m hoping the judge makes a change here to move it closer to the offer stage.

The second matter relates to another antitrust issue. From my perspective, I don’t think anyone expected NAR or all the defendants to be completely off the hook for future antitrust claims. I believe the settlement even acknowledged that possibility. It seems the DOJ just wants to ensure that this point is absolutely clear.

Archimedes!

Just wanted to give a quick update on Toby’s Eagle Scout Project. The project involved refurbishing the existing bleachers used by the tennis teams at his high school. Refurbishing meant repairing some of the existing parts, while other parts, like the wood planks for the bleachers themselves, needed to be replaced.

One challenge we faced was with some steel braces on the back bleachers that were pretty bent, most likely from kids standing on them. We couldn’t find replacements in the right size, nor any made of steel. Aluminum wasn’t an option because it wouldn’t be strong enough, and we also had some budget constraints to consider. So, we needed to straighten out the existing braces before stripping them and giving them a new coat of paint.

Despite their age and condition, the braces were surprisingly tough to bend. We tried using my workshop table vise, but it wasn’t enough. What we needed was leverage. Luckily, we found an old scrap piece of pipe about 5 ½ feet long and about 2 inches wide. Using that pipe along with some cement parking posts, I shouted “Archimedes!” and Toby successfully bent the steel braces back into shape.

Afterward, Toby decided to name the pipe “Archie.” Which I guess is easier to say than “Archimedes”. With Thanksgiving break here, Toby hopes to get everything assembled with some other scouts this week. Stay tuned!

John Holley

North Texas Real Estate Information Systems (NTREIS) CEO John Holley Announces Retirement After 20 Years of Transformational Leadership

“Since Holley assumed his role in 2005, NTREIS has expanded from 19,000 to over 53,000 subscribers, supporting 15 Realtor Associations across 44 counties in North Texas and parts of Louisiana. Under his leadership, NTREIS adapted to an era of rapid technological advancement, enhancing service offerings and ensuring subscribers could access superior, cutting-edge tools to succeed in a competitive real estate market. Known for his forward-thinking approach and dedication to serving the real estate community, Holley has left an indelible mark on the organization and the industry.”

John, in my eyes, has always been a true gentleman in every sense of the word. He has been incredibly kind to me over the many years we have known each other. I first met John when he was working at the MLS in San Diego. From my memory, there was always a bit of drama in the San Diego real estate market (and there still is today), but John was a steady voice amidst that drama. He saw something in our little company (IRIS, then selling Lightning – Easy MLS Access) and helped pave the way for us. He offered the same steady hand when he moved to Dallas to work at NTREIS, navigating this new market and its nuances with a “dedication to serving the real estate community.”

I’m not sure anyone truly understands the seismic shift the internet brought to the real estate industry (and especially the MLS) back in the day. MLS leaders of that era had to manage the fury of brokers and agents who had previously acted as gatekeepers to the data. Keeping the MLS industry alive and enabling it to grow was an enormous challenge. I often think about that today with the turmoil we face and wonder if the new generation of MLS leaders will be able to navigate these troubled times as successfully.

I’m going to miss getting together with John for a show or dinner at The Palm during Inman NYC. I will deeply miss this gentle-man who has done so much for our industry. However, I know that he and Cathy will thrive in this next chapter of their life together.

Happy Trails John

Industry Relations Podcast: The knowns and unknowns of NAR leadership decisions

In this episode of Industry Relations, Rob and Greg dive into the latest developments in the real estate world, focusing on leadership, membership dynamics, and the challenges facing NAR in 2024. They engage in a spirited debate about leadership priorities, assessing Nykia Wright’s tenure as CEO, and what it takes to steer an organization during turbulent times.

Key Takeaways

• Leadership Dynamics: A breakdown of the responsibilities and criticisms of Nykia Wright’s first year as CEO of NAR.

• Membership Retention: Insights into how NAR has managed to retain members despite controversies and lawsuits.

• Strategic Decisions: Examining the impact of the $2 billion broker club’s fallout and the decisions leading up to it.

• Action vs. Inaction: Rob and Greg debate what constitutes effective leadership and the significance of visible actions vs. behind-the-scenes work.

• Surveys & Communication: The role of member surveys and communication in understanding and addressing organizational challenges.

Watch Us on YouTube

Connect with Rob and Greg: 

Rob’s Website

Greg’s Website

Our Sponsors:

CoreLogic

Notorious VIP

The Giant Steps Job Board

Production and Editing Services by

 Sunbound Studios

Listing Bits Podcast: Building Real Estate Technology: The Story of Real Geeks with Kevin McCarthy

Episode Summary:

In this episode, Greg Robertson talks with Kevin McCarthy, co-founder and CEO of Real Geeks, about his journey from a small-town tech enthusiast to creating a leading real estate technology company. Kevin shares insights into Real Geeks’ origins, its evolution, and how its all-in-one platform empowers real estate agents. The conversation touches on the early challenges of building a tech company, the role of SEO in the early internet era, and how AI is shaping the future of real estate technology.

Key Topics Discussed:

1. The Birth of Real Geeks

• How Kevin’s move to Hawaii led to a partnership with Jeff Manson, Real Geeks’ co-founder.

• The transition from building a single real estate website to creating a scalable product for agents.

2. The Real Geeks Platform

• Combining IDX websites with a CRM for seamless lead generation and management.

• The importance of fast, user-friendly software and SEO optimization.

3. AI Innovations

• Introduction of “SEO Fast Track,” an AI-powered website builder.

• The future of CRMs: AI taking over repetitive tasks to let agents focus on client relationships.

4. The Journey of Growth

• Challenges of starting in Hawaii and expanding operations to Dallas, TX.

• Navigating the sale of Real Geeks to Fidelity National Financial while preserving its mission.

5. Advice for Entrepreneurs

• Building a profitable, self-funded business in challenging markets.

• The value of focusing on user experience and sustainable growth.

Quotable Highlights:

• “Fast software is good software. Even milliseconds matter when it comes to user experience.”

• “AI will make CRMs fade into the background, automating tasks agents hate so they can focus on building relationships.”

• “Real Geeks is more than just software; it’s a tool that powers the livelihood of real estate agents.”

Reach Out:

LinkedIn for Kevin McCarthy

Real Geeks – Tools Tailored to Your Ambitions

Our Sponsors

Trackxi – Real Estate’s #1 Deal Tracking Software

Giant Steps Job Board – Where Proptech gets hired

Production and editing services by:

Sunbound Studios

New York Times article calls out NAR’s “lavish perks and payouts…”

Chauffeured Cars and Broadway Tickets: Inside the National Realtors Group

“The group’s president, president-elect and first vice president are elected by members and receive annual six-figure payments, tax records show. N.A.R. refers to officers as “volunteers.” They have been given corporate credit cards, and on work trips, they have racked up charges from expensive dinners, golf outings, spa treatments and sports tickets, The Times found.”

I don’t know who pissed off the New York Times but they are not leaving NAR alone anytime soon. Seems like every other month they find another angle to wound or embarrass the organization and its leadership. This article (and others) may or may not have some valid points but this whole campaign feels a bit like…well… a campaign. I’m not one to be too much of a conspiracy theorist, but this is has a “Blue Horseshoe loves Anacott Steel” sort of vibe.

Sponsored By MLS Reset