Where Real Estate Gets Its Dirt

Monday

REcore acquires tech from NorthstarMLS

REcore Acquiring NorthstarMLS Proprietary Technology 

“REcore is committed to the progress and modernization of MLS technologies, and we were very impressed by the sophistication of NorthstarMLS’s proprietary tech,” said Katie Smithson, Chief Revenue Officer for REcore. “We look forward to developing further their already great tools into something that a wide range of MLSs and Associations can employ.” 

REcore

I’ve said it before and I’ll say it again, the ambition of what REcore is doing is amazing. They have their work cut out for them, and will quickly discover that running an MLS organization is not the same of being a vendor. But I wouldn’t bet against them, Art has assembled a great team that has tons of experience. I’m super stoked to be a small part of it.

See you there!

Listing Bits Episode 89: Kelly Robinson, an MLS pioneer comes back for more

“Hotel California”, is one of the phrases people attribute to the organized real estate industry, “you can can check-out any time you like, but you can never leave”.

Kelly Robinson is an industry pioneer in that she co-founded a software company, Realty Plus Online, that created one of the first web-based MLS systems.  In my conversation with Kelly we talked about the old days, her journey, and what brings her back to organized real estate game.

It’s a fun conversation between old friends and talks about the challenges of the MLS vendor business.

Connect with Kelly Robinson:

Kelly on LinkedIn

Resources:

VESTAPLUS

Our Sponsors:

Trackxi

Can AI solve agent responsiveness?

Luxury Presence Launches AI Lead Nurture, an Advanced AI-Powered Lead Engagement Tool

The tool automatically responds to inbound messages 24/7 and continues to strategically follow up, keeping leads warm and driving them toward an appointment request. It also does the work of learning a lead’s timeline, budget, and preferences, allowing busy real estate professionals to prioritize the highest-quality prospects.”

Luxury Presence

I’ve written a lot about agent responsiveness (or lack there of). AI could be one of the many ways to help solve this. I’ll keep an eye out of this tool and others and wait to hear feedback from agents and brokers on how they can best tackle this problem.

Industry Relations Podcast: DOJ Drops Statement of Interest in the Nosalek Case

What impact will the Department of Justice’s stance on the MLS settlement have on the future of buying and selling houses? In this important episode of “Industry Relations,” Rob and Greg talk about a big message from the Department of Justice (DOJ) about the MLS PIN settlement. The DOJ seems to want the court to say no to the settlement. Selling agents might not make as much money as before, and buyers agents might need to show why they’re worth their commission more than ever. It’s time to start thinking about how we can prepare for change and innovate new approaches in serving buyers and seller.

Watch us on YouTube!

Connect with Rob and Greg: 

Rob’s Website

Greg’s Website

Our Sponsors: 

Notorious VIP

This podcast is produced by Two Brothers Creative 2024.

REcore [Sponsor]

Don’t forget to register for REcore’s webinar tomorrow. See you there!:

My thanks again to REcore in sponsoring this month’s Vendor Alley!

RIP Lin McIntosh

Linda Louise Simmons McIntosh AUGUST 19, 1942 – JANUARY 19, 2024

“Lin had a successful 45-year career in Hawaiian Real Estate. After retirement she volunteered into the Peace Corps and served in Kenya educating Kenyan families on how to develop businesses to provide for themselves and on a water conservation project to bring water to the remote villages. She also participated in building a school in Kenya for children of the Genocide.”

DigitalMemory.com

What a life! I have had so much joy following her adventures on Facebook (on her front page you can see her riding a camel)! She stopped posting late last year and I wondered what was up. The obit says she died peacefully. God speed Lin. You will be missed.

DOJ urges industry to make a clean cut. Wants Buyers to negotiate compensation directly with their agent.

Well we were all speculating whether or not the DOJ would give any clear direction on how they picture compensation to be handled thru the MLS. The DOJ did, and it’s a whooper. Basically they don’t think reducing offers of compensation down to zero matter at all. They want the industry to make a full break from seller setting the buyers agent commission at all. And site “steering” as a concern. So, more like a commercial model. This is something listeners of Industry Relations have heard Rob Hahn echo since the beginning, that steering was the main issue.

In a huge surprise this “Statement of Interest” references the Industry Relations podcast and Rob, myself and Ed Zorn directly,

“Rob Hahn & Greg Robertson interviewing Ed Zorn (VP & General Counsel atCalifornia Regional MLS), Burnett v. NAR: The Lawsuit That Could Upend the Housing Market, Industry Relations (Oct. 18, 2023), starting at 43:40, www.youtube.com/watch?v=pw39NB3w_0o&t=11s (“You do realize under this system (of the seller paying the buyer’s agent directly inside the contract) you do realize a closing statement at a title company or an escrow company looks 100% identical as it does today. With both commissions on the seller side. Nothing changes. The only thing that changes is the number that shows up for the buyer’s agent in that closing statement was negotiated between the buyer directly and the buyer’s agent and had nothing to do with the seller or the listing agent. That’s the one thing that’s different.”

STATEMENT OF INTEREST OF THE UNITED STATES, Department of Justice (DOJ)

I’m not sure whether to be honored or scared shitless that the DOJ listens to our podcast!

For clarity I’ve embedded the YouTube video so that you can see what the DOJ was referencing on our podcast, I started it a bit earlier so you can get some context ( I also think this is good primer to understand what the DOJ is asking for.)

Rob and I record our Industry Relations podcast today at 10AM. Should be a good.

My Country, ‘Tis of Thee

Got called for Jury Duty. I dodged a bullet and didn’t get selected (lucky for me since I have a full plate of travel coming up), but the experience was good.

I met a retired system engineer who was fighting cancer (and beating it)
I met a nurse who’s kids were about the same age as mine
An EMT
A writer
A interior design consultant.
A server at a restaurant

People of varying backgrounds and colors, some struggling more than others. But all showing up. Doing their duty. Treating each other with respect.

Made me feel good. So, turn off the news everyone. We are all going to be alright.

🇺🇸

Sponsored By REcore