Episode #100!! Real estate is changing faster than ever before, so what do you need to know now to prepare for the pitfalls ahead? Enter Spencer Rascoff, co-founder of Zillow and Pacaso and considered by many to be the next Gary Keller of real estate. A PropTech guru, Rascoff discusses the past, present, and future of property technology, what to watch out for, and how to find success in the ever-changing world of real estate.
More with Spencer Rascoff!
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In an interview with Brad Inman, Andy Florance, CEO of CoStar said Zillow was “hijacking” listings and also compared them to the Mafia. His analogy was as follows:
“An agent puts up a yard sign, and then another company pulls up, spray paints over the sign, and puts a new agent’s name on the sign. Florance said no one would tolerate such behavior in the real world.”
Here’s what I’m picturing from Andy’s description.
In a recent post about the divorce of Homesnap and BPP Homesnap’s co-founder Steve Barnes stated…
“Homes.com and Homesnap.com will also offer paid preferred placement for listings in search results.”
Would this be tolerated in the “real world”?
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“We are seeking Software Engineers to join our team in developing, testing, deploying, and improving software while managing deliverables and working with a tight-knit team to continue the growth of MLS Grid!”
The find out about this job or post a job, please visit the Vendor Alley Job Board.
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“The Director of MLS Operations and Information Technology is the primary staff person responsible for the oversight of the daily operations of the MLS and the IT systems used by both the MLS and Association. Ensures members are provided with outstanding customer support and training. “
The find out about this job or post a job, please visit the Vendor Alley Job Board.
Andrea Brambila for Inman News, CoStar’s Homesnap and Broker Public Portal get a divorce
When real estate juggernaut CoStar acquired real estate tech firm Homesnap for $250 million at the end of 2020, Homesnap said it was committed to its partnership with the Broker Public Portal, a company formed by a large group of brokers and multiple listing services to launch the nation’s first national public-facing MLS website.
But nearly two years later, the two companies are going their separate ways. The National Broker Portal LLC, a joint venture owned 50-50 by the two companies since December 2016, will shut down on Oct. 31.
So much to unpack here in another great exposé by Andrea Brambila. If you haven’t read the whole article, go read it. I have many questions. Like, did MLS orgs and brokers (BPP) get played by Homesnap? Has anyone added up the amount of money Andy Florance has either given up or spent on this residential play so far? But I digress, what I want to focus on now is a glaring flaw I see in CoStar’s strategy with Homes.com.
Agent responsiveness.
Zillow learned this the hard way. When Zillow first launched any agent could buy leads from the company. Then they shifted. To “super agents” and “super teams”. Why? Because agents weren’t responding to leads, this was making Zillow look bad. When Zillow switched to a referral model the scrutiny got even more intense. Not just any agent/broker could buy leads from Zillow you must meet certain criteria in order to be a “Premier Agent”.
Zillow has also initiated a lead incubation program that makes sure every lead is followed up on. Zillow has made considerable investments to make sure that its brand is protected.
Keep in mind, CoStar’s experience with commercial real estate agents. When you call a commercial agent, they pick up the phone. When you email them, they respond quickly. When they show up for an appointment they most likely will be wearing a tie. Compare that experience with a residential real estate agent. The culture is completely different.
I don’t think the fact that leads are going straight to the listing agent is going to make a difference in the level of responsiveness. So if consumers go to Homes.com and ask the agent for more information and they don’t hear back within 30 minutes, they are gone baby gone.
Hopefully, Homes.com/Homesnap has already solved this (and I don’t think the Homesnap app solves this). But, If CoStar doesn’t have a solution for agents not responding to buyer inquiries on Homes.com at launch or shortly after launch all the reported money they will spend on advertising might as well be lit on fire.
You’re welcome.
Happy Birthday Mr. Coltrane
“I want to be a force for real good. In other words. I know that there are bad forces, forces that bring suffering to others and misery to the world, but I want to be the opposite force. I want to be the force which is truly for good.”
John Coltrane b. 23 September 1926
” Richard Haggerty will be the next CEO of OneKey MLS starting Jan. 1. Haggerty is currently OneKey’s president and chief strategic growth officer and CEO of the Hudson Gateway Association of Realtors.
Hudson Gateway merged with the Long Island Board of Realtors in 2018 to form the MLS, which was then called New York MLS. Haggerty spearheaded that merger and the formation of the regional MLS, according to OneKey. Haggerty has been Hudson Gateway’s CEO for 38 years, according to his LinkedIn profile.”
Lots of retirements this year. And seriously who could blame them? This industry is heading for some big changes. Hard to imagine Jim not being there, I’ve always enjoyed heading to LIBOR’s MLS Tech Fair and seeing Jim there every year. I remember when they made the big announcement about OneKey MLS. Such a huge accomplishment. I guess he and Mosey will have more time seeing hockey games together.
Big congrats to Richard for taking over the top spot.
See you next week in Orange County!
Right before I’m heading off to CMLS Drew Meyers and I will be co-hosting a soiree in Costa Mesa next Tuesday, the 27th. If you haven’t registered and want more information click here. The venue will be a garage/workspace where Dan and work sometimes and I keep my two classic VWs. So if you wanna check out my sweet 15 window ’59 Bus, have a few drinks, and hobnob with some of proptech’s finest join us!
And for those of you heading down from Los Angeles from the iOi Summit, I know a few have reached out about car-pooling or sharing an Uber. Hit me up if you need a ride and I’ll try and connect everyone. See you soon!
Buyers paying their own commission – is this a catastrophe or an opportunity? Do buyers know how their agents get paid? How much money is actually going where it’s supposed to go when it comes to buying real estate?
Industry insiders Rob Hahn and Greg Robertson share their insights on MLS and the future of the real estate market. On stage and in front of a live audience at the MLS Tech Forum in Las Vegas, this is a special presentation from the industry’s most influential podcast.
Special shout out to Stephanie Hill of the Greater Las Vegas Assn. of REALTORS and MLS Board Chairman, Rich Robledo for making this happen.
And thank you to our sponsors NoteRouter and Earnnest!
No YouTube link this time but listen to us on your favorite podcast player.
Connect with Rob and Greg:
Rob’s Website
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Marketing Manager – San Francisco Association of REALTORS
“The San Francisco Association of Realtors® is a vibrant professional organization with more than 4,000 Realtor members®. The Marketing Manager is responsible for creating and executing all marketing communications for this membership, focused on promoting events, technology tools, services, professional development and networking opportunities, as well as sharing real estate industry news. You work in coordination with the SFAR staff, as well as the volunteer Board of Directors, Committee leadership, and other Realtor® member liaisons. The metric for success is Realtor® member engagement.”
The find out about this job or post a job, please visit the Vendor Alley Job Board.
