Where Real Estate Gets Its Dirt

RPR-RVM-BPP-CHA-CHA-CHA

RPR® and Broker Public Portal Collaborate to Bring RVM® Valuations to Participating Cribio Markets

“The integration brings together two industry-aligned platforms with a shared commitment to accurate data, transparency and consumer trust. BPP, owned by brokers and MLSs, was created to deliver a national consumer home search experience powered by real-time MLS data and guided by Fair Display Guidelines. RPR, a wholly owned subsidiary of the National Association of REALTORS®, provides REALTORS® with parcel-centric property data, valuation tools, market insights and client-ready reports.

Through this collaboration, participating MLSs and associations that have partnered with BPP, may authorize the display of RVM® values within their local Cribio-powered consumer experience. RVM®permissions will be controlled by each MLS and enablement will require the appropriate authorization and permissions process between the MLS, BPP and RPR.”

I hadn’t checked out Cribio.com in a while. I have to say they’ve done a nice job with the site. Comparing their respective Listing Detail Pages (LDP) side to side with Zillow, it’s amazing to see how many pixels Zillow dedicates to their “Request a tour” button and ad for “Home Loans” product.

Without the ad space, Cribio is able to show a map of the area and a lot more information on the property.

Right now on Cribio you can search any off-market property and on the upper left of the right column you get a Zestimate button that goes to Zillow. The RVM, I’m told, will be displayed on the page (no clicking). I’ve also heard they might keep the Zestimate as is, and maybe add a third AVM — I believe Homes.com has four.

One other thing I appreciate about Cribio’s LDP is that the right column is scrollable, while the left column of property photos is static. It’s a subjective design choice, but I like it.

Will this RVM integration move the needle on consumer adoption? Probably not. But I do like to see the industry collaboration and some of the cool stuff Dan’s team is working on.

OneKey MLS taps BPP

OneKey MLS Taps Broker Public Portal to Power Consumer Search

“This next phase of our strategy ensures that our consumer-facing experience not only reflects the integrity of MLS data, but also actively supports our participants by helping connect buyers directly with listing brokerages.”

Looks like OneKey listings will expand portal distribution to add Cribio, BPP’s national consumer search site, with opt-out preserved for brokers and sellers.

This is a significant win for BPP. OneKey is one of the largest MLSs in the country — tens of thousands of subscribers across New York City, Long Island, and the surrounding metro. Landing them as a partner is a credibility milestone.

The pitch is becoming a bit more straight forward in my eyes: accurate MLS data, fair display, direct consumer-to-listing-brokerage connections, no ad model. That last part matters. In a post-settlement world where broker value is under a microscope, an MLS choosing to power its consumer experience through a platform that attributes rather than monetizes the listing relationship is a deliberate strategic signal. Although some industry players have pushed back on the overall value proposition of sending on-line leads to listing agents.

But, worth watching whether this accelerates adoption among other major MLSs. OneKey signing on makes the next conversation a lot easier for Dan Troup and his team. Congrats!

Doorify invests in BPP

Doorify MLS Joins Broker Public Portal as Strategic Investor

“Our investment in Broker Public Portal is a clear signal of Doorify MLS’s commitment to technology sovereignty in real estate,” said Matt Fowler, CEO of Doorify MLS. “By taking ownership in this broker- and MLS-controlled platform, we’re ensuring our industry retains vital control over its technology infrastructure and data. Our core mission is to provide consumers with the most comprehensive MLS search experience, directly connecting them with the local experts – their agents and brokers. This investment fortifies a platform truly built by the industry, for the industry, fostering genuine engagement between consumers and real estate professionals.”

The tech that Dan and his team have put together in such a short amount of time is pretty amazing. And I was especially impressed by this statement from the release:

“With this addition, the strategic investors in the Broker Public Portal are comprised of 44 brokerages and 48 MLSs, serving 1,047,000 agents.”

There seems to be a lot of opportunity out there. The tough part is just fitting all the pieces together. Fortunately, Matt and his team have no shortage of ideas, and with his background at Solid Earth I’m confident they will be a perfect strategic partner.

Looking for a new gig?

Director of Engineering – Broker Public Portal

“The Director of Engineering at Broker Public Portal will be responsible for overseeing all development operations, managing the development work, and leading the engineering team. This role requires a strategic thinker with a hands-on approach to technology, a proven track record of managing development teams, and a passion for the real estate industry. You’ll collaborate closely with our product team to translate our strategic plan into actionable development initiatives. Together, you’ll ensure that our products not only meet but exceed the evolving needs of our users and stakeholders.”

To find out about this job and more please visit the Vendor Alley Job Board.

Dan Troup is the new CEO of the Broker Public Portal (BPP)

DAN TROUP NAMED NEW BROKER PUBLIC PORTAL CEO

“As the former director of Data Operations & Strategy at RE/MAX, BPP stated that Troup has a demonstrated history of driving strategic initiatives, fostering collaboration, and delivering exceptional results. In his new role as CEO of Broker Public Portal, he will be responsible for the organization’s strategic vision, partnerships, business model, financials, product development roadmap, and launch.”

RIS Media

Congratulations to Dan. Interestingly enough this is the second gig Dan has had taking over for something Homes.com used to manage. First when RE/MAX ended its agreement with Homes.com for data aggregation and lead management services for remax.com (which first started at eNeighborhoods) and now when BPP ended its relationship with Homes.com (first started with Homesnap).

I will say I’m super curious on what direction BPP goes. It’s unclear to me (everyone?) what the play could be here, I honestly don’t have any idea. Maybe a partnership with Nestfully? 🤷‍♂️

BPP gets a new executive director, Joe Rand.

Andrea Brambila from Inman News

““Rand will be the key industry liaison for the BPP, meeting with individual MLSs and brokers to encourage them to join the BPP and expand this rapidly-growing industry movement.”
Rand will remain the Chief Creative Officer for New York-based Better Homes and Gardens Real Estate (BHGRE) | Rand Realty, the 103rd largest brokerage in the U.S. by transaction sides last year, according to Real Trends. He will still lead the firm’s career development, educational and training programs for its 1,200 agents, but he will no longer serve as the firm’s general counsel.”

Joe Rand is a great choice. He is a master communicator, and I devoured his book, How To Be a Great Real Estate Agent, in one sitting.

“That will free up some of his time to purse a lofty mission: “My two-year goal working with the BPP with Homesnap is to make it the number one real estate search site in the country. We have an opportunity to take the BPP to the forefront of the conversation about our industry’s future,” Rand said in a statement.

Wait, what? Take over Zillow in 2 years? I have to wonder if he was misquoted.

Asked how he will get consumers to give Homesnap a try, Rand said, “I think a lot of people are confused about the BPP mission of creating a better portal for clients, agents, and brokers. We haven’t always explained it well. But I’ve been around the country talking to brokers and agents, and I know how much they need this. It’s a lot better to have an amazing product that we haven’t messaged or marketed well, than the other way around. When we do that side-by-side ‘taste test,’ agents will realize that they have to get the clients on this platform.”

Here’s the rub. Getting real estate agents to do anything (as most of my readers know) is like herding cats (at best). Add to that, beat Zillow in two years (if the quote is correct), from a position that is essentially part-time?

I’m not exactly sure how the leadership structure at BPP works, but if this is their strategy, someone needs to put down the bong. This can’t be taken seriously.

John Mosey recognized for work at BPP


St. Paul real estate veteran plays key role in development of Homesnap

The site is the real estate industry’s answer to the countless third-party property listing sites that have become influential in the sale of homes. Years in the making, a key player in its inception and launch is St. Paul-based John Mosey, longtime president of Twin Cities-based Northstar MLS.

“There was this grand notion that the industry could tap its resources to go head to head with the Zillows, Trulias and Realtor.coms of our world,” Mosey said.”

Zillow Group couldn’t have asked for a better picture of John for their dartboard. Of course he’s a much smaller target now. ????

Photo credit [Minneapolis Star Tribune]

BPP – Bringing a knife to a gunfight. What Inman News didn’t report.

sumoAnother thing that was not reported in the Inman News article is Mr Perriello’s comments on the Broker Public Portal (BPP). Again Mr. Perriello’s comments were very concise. His main concerns (and I’m paraphrasing) was that the amount of money the current portals spend (Zillow Group, Realtor.com, etc.) is so large that the BPP could never hope to compete with them and that valuable time and money would be wasted on such a folly.

BPP Selects Homesnap

Broker Public Portal Selects HomesnapNew national home search imagined by people who sell homes, not ads

“The BPP launch will include an iPhone app, Android app, and mobile and desktop website. The experience will be free from ads and paid agent placement. Instead, consumers can easily collaborate with their own agent, or connect instantly to the listing agent, ensuring information and answers from a pro who truly knows the home, neighborhood and local market conditions.

For real estate professionals, the BPP launch will include Homesnap Pro, already the leading mobile app for agents to access real-time listing information, collaborate with their clients and work with each other.”

Nice scoop for RISMedia Inman News. I hinted about this on Twitter earlier this week. Good for them, I don’t think the “get one year free” model to MLS providers was working out too well. Although I’m curious how this will effect those agreements with MLS providers to provide HomeSnap Pro, the way this reads I’m not sure any MLS should be paying for HomeSnap Pro any longer or in the future. Which begs the question, what’s BPP’s revenue model?

UPDATE 12/18/2016 – 4:05PM PT

Looks like a post of WAV Group (Broker Public Portal Reveals Partnership and Plan) Blog lays out a revenue model.

“The price for MLSs to participate in the BPP is $1 per MLS subscriber per month – about the same that most MLSs pay today for just a mobile search solution. For this, an MLS can now provide”

$1 per agent per month seems extremely high price, especially at 500,000 agents. Kudos to them if they actually get that! From the previous article is appears they have yet to sign an agreement.

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