Vendor Alley

Blame the Dentists

October 14th, 2026

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

Overview

Rob and Greg look at the latest NAR existing home sales report. Sales rose 1.5% to a 3.99 million SAAR, inventory stands at 4.8 months, and the median price is $417,500. Investor purchases jumped from 15% to 20% month over month. Rob argues that housing affordability is becoming a political flashpoint ahead of the midterms. He warns that candidates may find it easy to blame real estate investors, and the realtors who work with them, for the housing crisis. Greg pushes back on how much political power anyone could gain by taking on NAR, the country’s second-largest lobby. The two then debate whether the industry has any real message for young, working-class Americans who believe they’ll never own a home.

Key Takeaways

Existing home sales hit 3.99M SAAR in September, the fourth straight year near 4 million.
Investor share of purchases rose from 15% to 20% in one month; first-time buyers edged up to 31%.
Mortgage rates are set by the bond market, not the Fed, and 10-year yields are near 5.3%.
Rising bond market concerns are pushing wealthier individuals toward real assets like housing.
Most real estate investors are individuals, such as dentists and retirees, not institutions like BlackRock.
Investors and first-time buyers often compete for the same starter homes.
Rob sees housing as an open lane for a “housing candidate” willing to blame investors and realtors.
NAR ranks second in national lobbying, behind only the U.S. Chamber of Commerce and ahead of pharma.
Policy ideas discussed include limiting Fannie and Freddie financing for investment properties and restricting the mortgage interest deduction to owner-occupied homes.
Down payment assistance risks raising prices by the same amount.
Greg is optimistic that the AI infrastructure build-out will drive long-term prosperity.
Rob argues Gen Z has lost the reasonable expectation that hard work leads to homeownership.
Open question to listeners: what message should the industry have for the younger generation?

Connect with Rob and Greg

Rob’s Website

Greg’s Website

Watch us on YouTube

Our Sponsors:

Cotality

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The Giant Steps Job Board

Production and Editing Services by Sunbound Studios

Matt Fowler joins Bill Fowler in new consulting firm

October 13th, 2026

MLS AND PROPTECH LEADER MATT FOWLER JOINS PHANTOM POWER.

“Matt Fowler brings more than three decades of experience across MLS leadership, technology and organizational transformation. Most recently, he served as the first Chief Executive Officer of DoorifyMLS, formerly Triangle MLS, where he led a multi-year transformation spanning technology, operations, organizational structure and business model. In 2024, he was named the Council of Multiple Listing Services’ 10th Shuttleworth MLS Executive of the Year.”

Best wishes to Bill and Matt on their new adventure.

One Lost Agent Costs You $18K, Plus 6+ Months of Lost Revenue [Sponsor]

October 12th, 2026

Losing an agent isn’t just an operational headache. It’s a number, and according to the new Lone Wolf x Inman 2026 Broker/Owner Survey, it’s a bigger one than most brokers realize.

The direct cost: $18,036

Brokers surveyed put the average total cost of losing one productive agent at $18,036, with a median of $15,555. Independent brokers actually estimate this cost higher than franchise brokers do ($18,365 vs. $16,053), which likely reflects how much harder a single departure is felt in a smaller shop.

For a franchise brokerage, one unexpected departure can cost 1.5–2x that agent’s annual GCI contribution, plus the morale hit that often triggers a second departure.

Here’s the part that should worry every brokerage regardless of size: 18% of brokers haven’t even tried to estimate this cost. That’s not just a missed number. It’s a blind spot in its own right, if you don’t know what a departure costs you, you have no way to prioritize preventing it.

The hidden cost: 200 days

The dollar figure is only part of the picture. On average, a new agent needs 200 days to reach full productivity, more than half a year before they’re fully contributing to the business. Franchise-affiliated brokerages see even longer ramp times than independents (231.6 days vs. 190.6 days), which raises the stakes further for every retention miss.

Stack the two numbers together: a single unexpected departure can shadow your production for two-thirds of a year, on top of the immediate cost of replacing that agent.

The revenue-level cost: 7%

Zoom out further, and agent turnover eats an estimated 7% of annual revenue on average across the industry. That impact isn’t distributed evenly. Franchise brokers report roughly double the revenue hit that independents do, 10.0% versus 4.9%. For a franchise operator, retention isn’t a soft, feel-good metric. It’s a line item with a direct connection to the P&L.

And it’s often preventable

Three in ten brokers lost an agent unexpectedly in the past 12 months. “Unexpectedly” is the key word, and the survey shows why it catches brokers off guard: 26% get little to no warning at all before an agent leaves, and even among those who do notice something, 33% only get one to three months to act. That’s a narrow window, and 44% of brokers don’t keep any formal tracking list to make the most of it.

The cost of a surprise departure isn’t inevitable. It’s the direct downstream effect of not having a system built to catch the signal before the window closes.

Learn how to build a retention system that catches at-risk agents before the window closes

RIP Niki Rapattoni

October 8th, 2026

She’s with Andy now and I think that’s where she always wanted to be. My condolences to her family.

She was always so sweet to me and proud of what she and Andy created. I enjoyed our many conversations, and her trust.

RIP Niki.

😢

Why 74% of Brokers Say Retention Matters, But Only 2%Actually Pursue It [Sponsor]

October 7th, 2026

Ask any broker-owner whether retention or recruiting matters more, and the answer is nearly unanimous. In the new Lone Wolf x Inman 2026 Broker/Owner Survey, 74% of brokers rated retention as more valuable than recruiting. Then ask what they’re actually building their growth strategy around. Only 2% name retention as their #1 priority.

That 72-point gap is the story of the entire report.

Brokers know. They just aren’t set up to act on it.
The survey found that 65% of brokers say they assess flight risk in some way, but the top three methods they rely on are all informal: gut instinct (79%), regular check-ins (72%), and watching production trends (66%). Structured, data-driven approaches barely register. Only 24% use any kind of analytics tool for this, and just 6% run formal satisfaction surveys.

The result is a confidence problem. Only 15% of brokers say they’re “very confident” they’d catch an at-risk agent before that agent gives notice. The largest group, 38%, land at only “somewhat confident.” And 44% of brokers keep no formal tracking list at all, which means even the signals a broker does notice have nowhere consistent to live.

Why this keeps happening
Manual tracking works fine for a handful of agents. It breaks down for a full roster. When retention data lives in one broker’s head instead of a system the whole team can see, the signal is only as strong as that person’s bandwidth in any given week. Distraction, growth, or a vacation, and the signal disappears.

By the time an agent asks for their license file, it’s already too late. As one broker-owner in the study put it, agents go quiet, skip office events, and pull back long before they say anything out loud. The relational signs show up first. The behavioral ones show up last, right before the resignation.

Where the opportunity sits
Here’s the part that should change how brokers think about this: 66% believe AI could help identify a flight risk before it happens. Only 19% are actually using it that way today, the lowest AI adoption rate of any function brokers were asked about, well behind marketing (51%) and market analysis (52%).

The tools brokers already trust for the rest of the business haven’t caught up to the one thing they say matters most. The brokers who close that gap first, moving from gut instinct to something closer to a system, are already seeing the payoff in how confidently they can answer one simple question: who’s actually at risk right now?

See how top brokers are solving this

Treble Damages and Cupcakes

October 7th, 2026

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

Overview

Rob and Greg recap CMLS, from Errol Samuelson’s understated appearance to Robert Reffkin’s scripted, heavily criticized onstage interview with Jessica Edgerton. Rob notes that his engagement with Compass ended in September, though confidentiality restrictions still apply. The conversation then turns to the escalating Compass–CRMLS conflict and a heated debate over what the MLS should be in 2026 and beyond. Rob says MLSs need to define their identity and stop simply reacting to events. Greg says the answer will vary by market. They also clash over whether data-licensing revenue shared with brokers has any real connection to cooperation.

Key Takeaways

CMLS drew close to 1,000 attendees, but the lack of Wi-Fi in the main hall was a major unforced error.
Errol Samuelson argued that listing exposure is a form of MLS contribution and urged attendees not to listen to the loudest voice.
The recent ruling against Zillow went largely unmentioned during Samuelson’s session.
Robert Reffkin read from prepared notes, repeatedly warned of lawsuits and treble damages, and opened with a 1971 MLS book as a prop.
The crowd’s reaction to Reffkin seemed to unite MLS leaders rather than divide them.
CRMLS has published the Compass demand letter and its response, and has filed a declaratory judgment lawsuit.
Greg sees the fines issue as a red herring, with only eight fines totaling about $3,000.
Greg expects MLSs to split regionally, with some leaning platform, some staying cooperative, and some landing on hybrids.
Rob argues every MLS needs to answer two questions: who are we today, and who do we want to be tomorrow?
Rob says removing compensation should have triggered a fundamental rethink of what cooperation means.
1% of brokerages contribute 64% of MLS listings, a fact Rob says the industry has avoided confronting.
Greg points out that CLAW’s more broker-friendly rules haven’t caused a mass exodus from CRMLS.
MLSs are experimenting with rewards programs and new data-licensing models that pay brokers for their contributions.
Rob says data-sales revenue doesn’t require cooperation and that tying the two together is arbitrary.
Greg says tying payouts to cooperation rules is a legitimate incentive, the “cupcake” for following the rules.
Rob calls cooperation a structural reality of a two-sided industry that doesn’t need incentives.
Both agree this kind of debate needs to happen inside MLS boardrooms.

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

Kelly Robinson steps up to new role at Cotality

October 7th, 2026

Kelly Robinson promoted to Vice President of Sales and Client Success

“Cotality is pleased to announce that Kelly Robinson has been promoted to Vice President of Sales and Client Success, Real Estate Solutions, effective immediately. In this expanded role, she will lead the newly aligned Sales and Client Success organization, bringing the two teams together to create a more connected and seamless client experience”

Kelly’s journey has been interesting, to say the least. From launching Realty Plus Online all the way back in 1995, a hiatus outside the industry to back in the mix. You can check out, but you’ll never leave….

Congrats to Kelly and Cotality.

CRMLS didn’t wait

October 5th, 2026

CRMLS Seeks Declaratory Judgment, Files Complaint Against Compass, Inc.

Compass gave CRMLS until 5 PM Eastern on October 6 to stop fining agents for publicly marketing office exclusives, or get sued. CRMLS filed a day early. As the plaintiff. In Manhattan, Compass’s backyard.

It’s a declaratory judgment action. CRMLS is asking a federal judge to rule that its cooperation rules are legal under the Sherman Act and California’s Cartwright Act, and to bar Compass from bringing the case Reffkin promised from the CMLS stage last week. The complaint even counts the crowd: “a packed room of over 900 attendees.”

The press release (see below for link) is all defense fund. The good stuff is buried in paragraph 59 in the complaint (link also below):

“In 2025, CRMLS issued 89 fines for violation of Rule 7.9, with only 8 of those going to a Compass agent. For context, CRMLS had over 271,000 listings enter the system in 2025.“

Eight. Compass’s own demand letter says the fine tops out at $2,500. So Compass promised to “spend millions of dollars” over roughly twenty grand 🤔. (The 2026 count is higher, about 75 Compass cases out of 300, with reports climbing “since the spring.” Funny how that lines up with the office exclusive push.) Bottom line, the fines are the excuse. The rule is the target.

The exhibits are where it gets fun. In November 2024, Reffkin wrote the CRMLS board asking for a status with no days on market and no price history, and said his ideas “support the concept of mandatory submission to the MLS, but not mandatory marketing through the MLS.” CRMLS built its Limited Exposure Coming Soon status this summer. A couple of months later, the demand letter showed up. Talk about moving goalposts.

Then there’s my favorite paragraph. CRMLS quotes Anywhere’s 2024 10-K warning that changes to cooperation rules “could, among other things, reduce the availability of broadly listed properties, leading to more unlisted inventory.” Anywhere is now owned by Compass. Hard to argue with yourself.

The venue is smart too. The same Southern District of New York denied Compass’s injunction against Zillow in February, saying these practices could “encourage freeriding; fragment the real estate market; and limit transparency.” Compass dropped that case. CRMLS quotes it three times.

I’ve said the real question for every MLS is whether it’s a broker cooperative or a listing platform. CRMLS just answered in federal court, and paid to go first. Every MLS that got a letter now has two options: sign Compass’s release this week, or wait and see what a judge in Manhattan says about the rule.

I’d wait.

Press Release: CRMLS Seeks Declaratory Judgment, Files Complaint Against Compass, Inc.

Complaint: 2026-10-05_Complaint with Exhibits

CMLS 2026 – Quick takes

October 5th, 2026

I left CMLS Thursday and made a quick turnaround to visit my family in Seattle. There’s a lot to write about, but I wanted to get some initial thoughts down before diving into the bigger issues.

I recorded an episode of Industry Relations with Rob on Tuesday, the day the conference officially began, so I’ve already gone on about how much I loved the location. The Omni Fort Lauderdale was perfect. Three lobby bars (I think), a big open area in the lobby for meetings, a couple of good restaurants within walking distance, and even a Walgreens. What else could you ask for? The hotel staff were friendly and helpful, and the food was good.

Some quick takes:

I haven’t formally met the new CEO, Jessica “Jessie” Edgerton. She was on a lot of panels and handled them well. She gave off a “Jersey girl” vibe: super smart and not afraid to mix it up with the panelists. That said, she made a major unforced error by deciding not to provide Wi-Fi for the conference. She blamed cost and a desire to keep people focused on the content. I made a joke about shutting down access to bathrooms.

Another questionable decision, from my perspective, was the announcement that CMLS has created a Broker Membership category. It fits, since Edgerton comes from that world. I just think CMLS should be the voice of the people who run and serve the MLS. But I know a lot of smart people would disagree with me.

A few people, including Edgerton herself, left the conference early to attend RISMedia’s CEO & Leadership Exchange, which typically has a broker focus. I believe the overlap was unavoidable this year, and I’m told both RISMedia and CMLS have committed to coordinating better.

Overall I thought the content was strong. I was lucky to be on a debate panel with Amy Gorce and Michael Wurzer about the state of the MLS. It was fun to take a side I normally wouldn’t and argue a bit with Amy and Mike.

I think most people were there to see the interviews with Errol Samuelson from Zillow and Robert Reffkin from Compass. I heard there was some shuffling of the agenda to make sure the two wouldn’t be in the green room at the same time. Edgerton did a good job interviewing Errol. He was unscripted, though I think we’re all familiar with Zillow’s talking points by now. One thing he emphasized a few times was a caution to MLS leaders: “Don’t always listen to the loudest voice in the room.” Hard agree.

Her “interview” with Reffkin was another story, which I’ll save for my next post.