Where Real Estate Gets Its Dirt

Brian Tepfer: How PropStream Turns Data Into Deals

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

Overview

Greg Robertson interviews Brian Tepfur, CEO of PropStream, about his journey from tech support at Rapatoni to leading a major proptech data platform. The conversation explores how PropStream turns public record data into actionable real estate opportunities, the rise of investor-focused tools outside the MLS, and how shifting market conditions are changing agent behavior. They also discuss industry trends like wholesaling, MLS fragmentation risks, and new go-to-market strategies—including vendor partnerships and alternative revenue models. 

Key Takeaways

  • Brian transitioned from tech roles into leadership by focusing on business + people, not just coding. 
  • PropStream is a nationwide property data platform built primarily on public records, not MLS data. 
  • The platform helps users identify “signals” (distress, equity, liens, etc.) that indicate potential transactions. 
  • A significant portion of users are investors or aspiring real estate entrepreneurs—not traditional agents. 
  • Wholesaling offers a low-barrier entry into real estate compared to licensing. 
  • Market shifts (rates, lower transaction volume) are pushing agents to explore investing and alternative revenue streams. 
  • PropStream is expanding into a full workflow: search → identify → connect (via dialer, outreach tools). 
  • AI features are being introduced to provide actionable insights (e.g., evaluating deal potential). 
  • MLS partnerships are positioned as marketing + non-dues revenue opportunities. 
  • Concerns remain about MLS fragmentation and its impact on data access and market transparency. 
  • New vendor collaboration models may offer faster, more flexible go-to-market strategies. 

Links

Zillow Has Receipts

Zillow economist calls out Redfin for ‘mischaracterizing’ research

Zillow Chief Economist Mischa Fisher wrote that the analysis is modeled around assumptions, not hard data: “The estimate works roughly like this: take a share of sellers assumed to be uncertain about pricing, multiply by an assumed share who would benefit from early feedback, then apply an assumed relationship between listing confidence and eventual inventory. Stack those fractions, add a ‘multiplier’ for sell-then-buy chains, and you get 6-12%.”

So let me get the timeline straight. In February, Compass signs a three-year deal with Redfin to syndicate its Coming Soon and Private Exclusive listings. Two weeks later (two weeks?) Redfin publishes a study claiming pre-marketing could boost inventory by 6-12%. And some of the data Redfin cited to support this claim? Pulled from Zillow’s own surveys… which Zillow says Redfin “mischaracterized.”

I don’t think Fisher is wrong. The methodology is basically: assume a bunch of things, multiply the assumptions together, tack on a 1.6x multiplier for sell-then-buy chains, and Boom! You get a headline that just happens to validate the business deal your parent company signed last month.

Look, I get it. Every company funds research that makes their strategy look smart. That’s not new. But most companies have the good sense not to borrow their competitor’s homework and then get the answers wrong.

Redfin’s response? “We appreciate the engagement with our research and welcome discussion about the model and its parameters.” Which is corporate speak for “we’re not changing anything, but thanks for reading.”

This whole pre-marketing war has been fascinating (and frustrating) to watch. You’ve got Compass trying to build a parallel listing universe, Redfin handing them a storefront, Rocket greasing the mortgage side, and now they’re publishing research to justify the whole thing while Zillow’s economist is out here doing peer review on LinkedIn! Meanwhile the MLSs are watching their relevance get chipped away one “Coming Soon” at a time.

Fisher also pointed out what should be obvious: pre-marketing creates “information asymmetry” — meaning the buyers who aren’t plugged into Compass’s network don’t get to see these listings. That’s not boosting inventory. That’s just moving it behind a velvet rope, but also what I would expect the incumbent to say.

But who can tell?

Cooperation: It’s Hard To Tell the Poison From the Cure

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

Overview

Rob and Greg discuss Northwest MLS countersuing Compass and the broader implications for private listings, cooperation, and MLS rules. The conversation centers on whether MLSs should enforce listing transparency, how “coming soon” and private exclusives are being used, and whether current policies are conflating professional cooperation with public marketing. They also explore potential futures for IDX, syndication, and the role of MLSs in regulating broker behavior.

Key Takeaways

  • Lawsuit Focus – Northwest MLS is challenging Compass over private listing practices. 
  • Core Tension – Cooperation (agent access) vs. public marketing are being conflated. 
  • Private Listings – Debate over seller choice vs. market transparency. 
  • MLS Role – Split on whether MLS should enforce behavior or just enable cooperation. 
  • IDX Debate – Idea to remove IDX vs. risk of fragmenting listings. 
  • Fiduciary Risk – Future lawsuits may hinge on agent advice to sellers. 
  • Inconsistent Rules – “Coming soon” policies vary widely across MLSs. 
  • Fairness Concern – Private networks could limit access to listings.

Links

Nick Alfencamp’s Article – The Pre-Market Arms Race
“Only the right ones…” – Compass agent’s Instagram post
NWMLS Isn’t Just Playing Defense Anymore -Vendor Alley Post

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

ICE [Sponsor]

ICE Is Bringing Paragon MLSs Together This May — And You’re Invited

If your MLS runs on Paragon, clear your calendar for May 4–5.

ICE is hosting the ICE MLS Customer Conference at the Sawgrass Marriott in Ponte Vedra Beach, FL — an invite-only gathering built exclusively for Paragon MLS professionals. No fluff, no filler. Just two days of real conversations, hands-on training, and the kind of peer networking that actually moves the needle.

The speaker lineup alone is worth the trip:

  • James Dwiggins, CEO of NextHome, sits down with Lucie Fortier for a candid fireside chat
  • Greg Robertson What If We’re Wrong? Five Assumptions that Could Break the MLS
  • Amy Gorce of REDistribute breaks down the complexities of data licensing and distribution

Add in live product demos, evening social events at one of Florida’s most iconic resorts, and a room full of your MLS peers — and this one’s a no-brainer.

This event is exclusive to MLSs on the Paragon platform, so spots are limited to your community.

👉 Register here: https://mortgagetech.ice.com/event/ice-mls-customer-conference#overview

See you in Ponte Vedra Beach. 🌴

My thanks to ICE for sponsoring this month’s Vendor Alley

NWMLS Isn’t Just Playing Defense Anymore

NWMLS Files Counterclaim in Federal Court

“We are standing up for the principle that every family has the right to see every home for sale, because housing data belongs in the sunlight, not in a private vault.” — Justin Haag, NWMLS CEO

Well, that didn’t take long.

Two weeks after Judge Jamal Whitehead denied NWMLS’s motion to dismiss — ruling that Compass had plausibly alleged antitrust violations under both the Sherman Act and Washington’s Consumer Protection Act — NWMLS has done exactly what it telegraphed back in December: filed counterclaims against Compass in federal court.

And they didn’t come in with some polite procedural filing. They came in throwing haymakers.

The counterclaims allege that Compass’s “3-Phase Marketing Program” violates Washington’s Consumer Protection Act — calling it a deceptive scheme designed to manipulate and hide critical data from the public. NWMLS is essentially arguing that pocket listings aren’t innovation, they’re consumer fraud. The specific allegations are pointed: artificially resetting days-on-market and price history to deceive buyers, suppressing the natural auction effect that gets sellers the best price, and actively encouraging Compass agents to violate their professional agreements.

That last one, contractual interference, is a big deal. NWMLS is saying Compass didn’t just build a competing system, it incentivized its own brokers to break their commitments to the MLS. That’s not a policy disagreement.

Here’s the part that really changes the game: NWMLS points out that Washington’s Senate Bill 6091, which takes effect this June, codifies the exact transparency standard NWMLS has enforced for decades — brokers must market properties broadly to the public and all other brokers. In other words, the state legislature looked at this fight and picked a side. And it wasn’t Compass’s side.

For those keeping score at home: Compass sued NWMLS in April 2025, alleging the MLS was a monopolist wielding its listing rules to crush Compass’s private listing strategy. NWMLS tried to get the case thrown out. The judge said no. And now NWMLS is swinging back — not just with “we did nothing wrong” but with “what you’re doing is illegal, deceptive, and bad for consumers.”

This is the first time an MLS has gone on offense against Compass in court. For years, the industry debate around private listings and Clear Cooperation has been fought through rule changes, press releases, and conference panel shade. Now it’s depositions and counterclaims.

The trial is set for October 2026, and with SB 6091 going live in June, Compass is about to be fighting a legal battle and a new state law at the same time. In the same state.

October is going to be fun.

ICE [Sponsor]

The way agents work has changed.

They’re not sitting at a desk all day. They’re in the car, at a showing, walking a property, or juggling three conversations at once. The MLS has to keep up with that.

That’s where products like Paragon Connect come in.

ICE is leaning into a more flexible, mobile-first MLS experience, something that lets agents search, manage listings, and collaborate without being tied to one device. It’s built around the idea that work happens everywhere now, not just in the office.

You can check it out here.

My thanks to ICE for sponsoring Vendor Alley this month.

Previews, Portals, and the Shift in Listing Control

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

Overview

Rob and Greg revisit the fallout from their conversation with Andy, focusing on the rapid shift toward “coming soon” and preview listings across major portals. Zillow’s move into previews—alongside Redfin and Homes.com—signals a broader industry change in how listings are marketed and distributed. The discussion centers on whether Zillow truly “changed,” what this means for MLS control, and how the definition of being “on the market” is evolving. The episode also explores whether the industry can move past moral arguments and accept these changes as business decisions. 

Key Takeaways

  • Zillow’s move into previews
    • Zillow entering “coming soon” listings is framed as solving a distribution problem rather than a full strategic reversal. 
    • Signals frustration with slow-moving MLS rules and lack of standardization.
  • Shift from moral debate to business reality
    • Industry discussion may move away from “consumer harm” arguments toward competitive strategy and market positioning. 
    • All players (Zillow, Redfin, Compass) are acting in their own business interests.
  • Fragmentation vs. consumer behavior
    • Concern about a “streaming wars” future where buyers check multiple platforms. 
    • In practice, buyers may already be using several apps simultaneously.
  • Branding matters
    • Zillow’s “Previews” is positioned as a clear, consumer-friendly product. 
    • Competing offerings are less clearly defined or branded.
  • MLS pressure and listing input risk
    • Portals accepting direct listing input (outside MLS) is a major long-term threat to MLS control. 
  • Changing definition of “on market”
    • Debate over whether “on market” means:
      • In the MLS
      • Under a listing agreement
      • Visible on portals like Zillow
    • Indicates a broader shift in how the industry conceptualizes market exposure.
  • Impact on brokerage strategies
    • Exclusive vs. non-exclusive distribution (e.g., Compass vs. eXp) may influence listing pitches. 
    • Market will determine whether sellers value broader distribution or platform-specific exposure.

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

VestaPlus [Sponsor]

MLS data isn’t perfect.
It never has been.

And when it’s off, everything downstream feels it. Pricing gets shaky. Comparables get questionable. Agents spend more time double-checking than moving deals forward.

That’s why CheckMate stands out.

VestaPlus is focused on cleaning things up, catching errors earlier and tightening data before it spreads. It’s the kind of work that sits in the background but makes everything else run better.

It’s also getting some recognition. CheckMate was recently named to the 2026 Tech100 for its approach to improving MLS data integrity, you can read more about that here:
VestaPlus’s CheckMate Software Secures 2026 Tech100 Honors

Not flashy. Just necessary.

My thanks to VestaPlus for sponsoring Vendor Alley this month.

From Fashion to PropTech: Lauren Martin on Housing and Community

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

Overview

Greg Robertson is joined by Lauren Martin (RentSpree) for a wide-ranging conversation covering her unconventional path from fashion design to PropTech, the growing importance of rentals within the MLS ecosystem, and the evolution of her initiative, Renew (Real Estate Network of Empowered Women). The discussion highlights how rentals are becoming central to real estate workflows, how community-building is shaping the industry, and how Renew has scaled from a podcast idea into a multi-day retreat with strong industry engagement. 

Key Takeaways

  • Nonlinear career path into PropTech: Lauren transitioned from fashion to business and sales, eventually entering real estate through Remine and later joining RentSpree. 
  • Rentals are now essential for MLSs: Industry focus is shifting from purely home purchases to broader “housing,” with rentals playing a key role in agent-client lifecycle and long-term relationships. 
  • MLS as the “source of truth” for rentals: Standardizing rental data inside MLS systems is a major opportunity compared to fragmented platforms like Facebook, Craigslist, and Zillow. 
  • RentSpree product expansion: The new RentEdge suite adds tools to fill gaps between for-sale and rental workflows, keeping agents داخل the MLS ecosystem. 
  • Renew’s growth and impact: What started as a podcast has grown into a large community with thousands of members and events, including a 70-person retreat focused on leadership, confidence, and networking. 
  • Industry community matters: Conferences and organizations like Renew help professionals build meaningful relationships, which are key to career growth in real estate. 
  • Authenticity attracts community: Lauren emphasizes that being yourself leads to stronger, more meaningful professional and personal connections. 

Links

  • Rent the Runway (mentioned for conference attire)
  • Renew (Real Estate Network of Empowered Women) – upcoming events and information

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

ARMLS shows the way

ARMLS Moves to an Independent Board of Directors

“We are creating a modern governance model that supports future growth and lowers risk while staying true to our market and the needs of those who everyday make the market work for consumers.” — Matt Consalvo, CEO”

Big move. ARMLS just approved a shift to a fully independent board of directors. No brokers. No agents. No one licensed to do real estate in Arizona gets a board seat. Instead, they’re building a smaller board of outside professionals — finance, legal, strategy types — and standing up a separate advisory council so brokers and agents still have a voice on product and service decisions.

Let me say that differently: the people running ARMLS will no longer be the same people competing in the market ARMLS serves.

That’s a huge deal, and honestly, it’s overdue. Most MLS boards are still packed with local brokers who have their own businesses to protect. Finding members that can take off their broker hat is extremely difficult. That’s not a bad thing, it’s just human nature. But it makes it really hard to make tough calls on data policy, tech investment, or anything that might help the market but hurt your brokerage. ARMLS is essentially saying: we need a boardroom where nobody’s worried about their own listings. Think about that for a bit.

Board applications open in April, with a target transition of August 2026.

The advisory council is the part to watch. If it has real teeth, actual influence on product direction, and market-level decisions, this could become the governance model other MLSs start copying. If it’s a rubber-stamp listening tour… well, I’ve seen that movie before.

My hat’s off to Consalvo and the ARMLS board for having the courage to vote themselves out of the room. That doesn’t happen often.

Sponsored By ICE