Where Real Estate Gets Its Dirt

And the band played on…

The Threats and Bare-Knuckle Tactics of MAGA’s Top Antitrust Fixer

“Around this time, the DOJ antitrust staff was evaluating real-estate brokerage giant Compass’s $1.6 billion acquisition of its rival, Anywhere Real Estate. Anywhere owns Century 21, Coldwell Banker, Corcoran and Sotheby’s International Realty. Compass and Anywhere were the first- and second-biggest brokerages, respectively, by volume in 2025. An acquisition would create a company accounting for more than a fifth of home-sales volume nationwide, according to Real Trends Consulting.

Compass hired Davis on the acquisition. The company wanted to avoid a “second request,” a routine part of antitrust enforcement where an agency asks for more information to evaluate whether to block or approve a deal. Slater wanted one.

Davis appealed to Blanche’s office to say that any worries could be addressed without one. Blanche’s office agreed, the people familiar with the matter said. Slater and the antitrust staff were overruled. The deal closed in January without a second request.”

Nothing to see here…move along…move along

Cotality to end Clareity conference, announces new Platinum sponsor partnership with MLS Reset.

I have some exciting news about MLS Reset. After 24 years, the Clareity Conference is coming to an end. Kevin Greene announced at Clareity26 that Cotality has entered into a multi-year agreement to become a Platinum Sponsor of MLS Reset.

Amy Gorce and I were honored to join Kevin on stage this morning in Tucson to make the announcement. The PRESTA team and Giant Steps are humbled to carry forward the spirit of what Gregg Larson and Matt Cohen built over the years.

MLS Reset will be held at the Scottsdale Plaza Resort (now the Kimpton Miralina) on February 22–24, 2027. Please visit MLSReset.com for registration and sponsorship information.

My thanks to Kevin, Devi, and the entire Cotality team.

Zillow announces revenue share program with RE/MAX, HomeServices of America, Side, and United Real Estate for coming soon listings

Zillow launches Zillow Preview to bring pre-market home listings into the open

“Revenue participation: If a qualified Zillow Preview connection results in a closed transaction through Zillow’s Preferred agent network, the listing agent may receive a share of the revenue Zillow earns from that transaction, paid through their brokerage. This fee is paid by Zillow and does not increase consumers’ or agents’ costs. As always, commissions remain negotiable between consumers and the agents representing them.”

I’m at the Clareity26 conference in Tucson and have been heads down preparing for a big announcement, so I haven’t had time to fully process the Zillow Preview news—or the other news that broke today regarding eXp. But I will.

One thing that immediately jumped out at me: Zillow is now willing to share a portion of its revenue on these coming-soon listings.

That raises a bigger question… is this a preview of a new business model for Zillow across all listings?

🤔

Hanna List, Compass, and the Consolidation Question

The Industry Relations Podcast is now available on your favorite podcast player!

Overview

Rob and Greg discuss the implications of Howard Hanna’s “Hanna List” and whether private listing strategies represent a broader shift in real estate brokerage competition. The conversation centers on whether these moves signal an industry-wide trend toward consolidation or whether they are simply outliers driven by unique companies with large market share. They also debate the strategic motivations behind Compass’s acquisition of Anywhere, the role of private listing networks in recruiting and retention, and whether smaller brokerages can compete if large firms leverage exclusive inventory to attract agents. 

Key Takeaways

  • Greg criticizes the “Hanna List” branding and argues Howard Hanna’s strategy may not be representative of broader industry trends because of its unique market dominance. 
  • Rob suggests the Compass–Anywhere deal could trigger consolidation, noting that Compass now dwarfs competitors in scale. 
  • Greg argues competitors may take a wait-and-see approach, questioning whether Compass can successfully execute its strategy and integrate multiple brands. 
  • The hosts discuss whether private listing networks are primarily about recruiting advantage rather than consumer strategy. 
  • Rob argues that controlling listing inventory can translate into recruiting leverage and potentially reshape brokerage competition. 
  • Greg counters that many agents prioritize culture, independence, and commission structure, meaning scale alone may not determine recruiting outcomes. 
  • They conclude that whether private listings trigger widespread consolidation will depend on consumer demand, execution by large brokerages, and regulatory responses. 

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

The wedding is off

RESO and CMLS

“Following that work, RESO and CMLS have concluded those discussions and made the shared decision not to move forward with forming a new combined organization.

This decision reflects a disciplined evaluation of how best to serve our respective missions and the broader real estate marketplace. Throughout this process, leaders from both organizations engaged in meaningful dialogue about how advocacy, standards, and industry leadership might be brought together in new ways. While we identified areas of strong alignment, we also recognized that the structural and governance considerations required to move forward did not ultimately support creating a single new entity at this time.”

Probably for the best. Lots of question remain.

See you in Tucson

#clareity

CRMLS expands RealReports partnership

California Regional MLS to Offer RealReports, the AI-powered “Carfax for Homes,” to All Users as No-Cost Core Product

“We were excited to see how many of our Associations jumped at the opportunity to offer RealReports, so it felt like it was due time to offer it to every real estate professional we represent,” said CRMLS CEO Art Carter. “Agents and brokers are constantly adapting to being even more efficient and more knowledgeable in an ever-increasingly demanding market. RealReports helps with the heavy lift of going through documents, pulling the most vital and valuable information, and making it easy to present to clients.”

I’ve got a soft spot in my heart for PDFs and online reports.

Scott Quinn joins Cotality

Cotality welcomes Scott Quinn to the Real Estate Solutions team

“I’m delighted to have Scott join our team,” said Kelly Robinson, Head of Client Success at Cotality Real Estate Solutions. “Scott brings a wealth of industry knowledge and a genuine passion for client success. I’m excited about how his experience will help us deepen partnerships and advance our commitment to client satisfaction.” 

Congrats to Scott and Cotality.

Rethinking Ownership: Brett Humphrey on Co-Owning Homes

The Listing Bits Podcast is now available on your favorite podcast player!

Overview

Greg Robertson sits down with Brett Humphrey, founder of Joynt, to discuss a new approach to housing affordability through co-ownership. Brett shares his background as a longtime software developer and entrepreneur, including selling a consulting business to Accenture before launching Joynt. The conversation explores how shared home ownership could help address affordability challenges by allowing multiple buyers to jointly purchase and manage property, along with the technical and legal infrastructure required to make that process safe and practical.

Key Takeaways

  • Founder background: Brett Humphrey spent decades as a software engineer and consultant before launching Joynt, an idea he had been considering since the early 2000s.
  • Affordability challenge: The core problem Joynt aims to address is housing affordability, particularly in expensive markets like Southern California.
  • Co-ownership model: Joynt enables multiple parties to co-own a home, providing tools and frameworks to handle ownership structure, responsibilities, and ongoing management.
  • Making co-ownership practical: The platform focuses on reducing the complexity and risk of shared ownership by providing software tools and structured agreements.
  • Shift in industry thinking: The discussion highlights the need for the real estate industry to think beyond traditional home purchases and consider alternative ownership models.
  • Timing and market conditions: Rising home prices and affordability pressures make shared ownership models increasingly relevant.

Links

  • Joynt – https://joynt.com
  • Brett Humphrey – brett@joynt.com
  • General inquiries – hello@joynt.com

Sponsors

Aligned Showings — MLS-owned showing software built to simplify scheduling, improve communication, and keep MLS data where it belongs.

Giant Steps Job Board – Built for organized real estate and PropTech, not generic tech bros and recruiters who don’t know what an MLS is.

Production and editing services by:

Sunbound Studios

35 is the new 40

First-time homebuyers, rejoice!

“There’s just one problem: The death of the thirtysomething homebuyer may have been greatly exaggerated. A new analysis from Redfin, shared exclusively with Business Insider, found that the median age of the first-time buyer last year was 35 — a slight decrease from the year prior. It adds to the growing pile of evidence that the new median of 40 was a mirage. While millennials, now 29 to 45, generally lag behind boomers on the homeownership front, the purchasing milestone hasn’t shifted nearly as much as the NAR report suggests.”

Fascinating reporting by James Rodriguez of Business Insider based on new data from Redfin and other sources. James, to me, is one of the rare writers outside the ORE bubble who seems to really get our business.

There is a bit of quibbling between NAR and other organizations that conduct surveys. But it seems the narrative might need adjusting.

“Because no data source is perfect, what you really want to do is say, What is the bulk of the evidence showing me?” Zhao tells me. “When we compare our results to analyses that other people have done looking at credit bureau data or mortgage data, it seems to support the idea that the age of the first-time buyer has not increased all that much.”

This is important because national policy is being shaped by these narratives getting out. Worth the read.

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