Where Real Estate Gets Its Dirt

NAR slashes staff in “Organizational Revamp”

National Association of Realtors® Announces Staffing Changes as Part of Organizational Revamp

“NAR is also reducing expenses in some areas and reallocating budget dollars toward its Advocacy, Research, Data and Education functions that will provide members access to more useful and critical resources. This step in the organizational reshaping includes a staffing makeover that will impact 41 positions and eliminate 20 open roles that were redundant or that could be integrated elsewhere in the organization, for a total of 61 positions affected. The impacted departments include Creative and Content Strategy, Digital Strategy, Public Relations and Communications, Meetings and Events, Member Development, Human Resources, Member Engagement, Member Experience, Research, Finance and IT. “

Let Nykia cook.

NAR iterates on CCP

NAR Introduces New Flexibility for Sellers While Retaining Clear Cooperation Policy

“The Multiple Listing Options for Sellers policy statement was developed following many months of analysis and consultation with MLS and association leaders; brokerages of all sizes; agents; multicultural organizations; and fair housing, policy, technology and legal experts. It introduces a category of exempt listings called “delayed marketing exempt listings.”

The new policy goes into effect immediately, but MLSs have until Sept. 30 to implement the change.”

I’ve often said I look at many things through the lens of a software developer. In software, the best approach is to release your product, gather feedback, iterate, and repeat. The current CCP has been around since 2019—this iteration is long overdue.

I still stand by my belief that these exclusive listing strategies are bad for consumers. The latest study by ZillowPrivately Listed Homes Disproportionately Harm Sellers of Color, is pretty eye-opening. In that report, Zillow states:

“Home sellers who did not list their properties on the Multiple Listing Service (MLS) — a database that allows listings to be openly marketed to all home buyers and agents — lost out on more than $1 billion collectively over the past two years. The harm to home sellers is greater in communities of color. “

Yikes.

Mr. Reffkin and others who proclaim “sellers’ rights” remind me of agents who have only ever worked in a seller’s market. They’ve never seen a buyer’s market. The GFC and the pandemic may have lengthened this cycle, but those of us who’ve been around a while know—the worm is gonna turn. And when it does, they’ll all come running home to mama.

A requiem for REALTOR Magazine

Unveiling the Digital Evolution of REALTOR® Magazine Media

“This week, REALTOR® Magazine continues its digital transformation, with all its content moving 100% online under the digital hub “REALTOR® Magazine Media.”

The winter 2025 issue will be the last print edition.”

I know it’s been a month since this news broke but I wanted to say a couple things about this announcement. There was a time where being on the back cover of REALTOR Magazine was a thing. I’m talking about the late 90s. This was before “the web”. In fact we still had registration cards in the boxes of the software we sold that users would mail (as in using a pen and licking a stamp) in to get notified of any updates/upgrades. You sold software in person, or via an “800” number.

At that time I had co-founded my first real estate software company, IRIS, and we had a product called Lightning CMA Plus. The biggest third party software company at the time was Top Producer Systems. Their product, Top Producer, was by far the biggest third party software company in the space. They typically were the main company that advertised on the back of REALTOR Magazine.

As a young entrepreneur my aspiration was to have a company large enough to be able to afford the back cover of Realtor Magazine. In my eyes, that would mean, “we made it.”

We also advertised inside the magazine itself, I seem to remember of buying the “IBC”, Inside Back Cover in the parlance of the magazine ad salesman, a few times. And like the old saying goes, “Half the money, I spend on advertising is wasted; the trouble is I don’t know which half.”

We eventually did be able to buy the back cover. And I remember specifically being in a broker office at a meeting with their CTO and him asking about who we were. Seeing a REALTOR Magazine on the conference table I flipped that magazine around pointed at our ad, and said “that’s us”.

Later at another company we launched an ad campaign where we bought a centerfold ad in the magazine, which featured Fabio. But I’ve written about that story before.

I used to keep some of those old copies of REALTOR Magazine around in my garage, but somewhere in one of my moves I lost them or threw them out.

All this reminds me of a song…

“wanna see our pictures on the cover
(Stone) wanna buy five copies for our mothers (yeah)
(Stone) wanna see my smiling face
On the cover of the Rolling Stone”
-The Cover of the Rolling Stone by Dr. Hook & the Medicine Show

New York Times article calls out NAR’s “lavish perks and payouts…”

Chauffeured Cars and Broadway Tickets: Inside the National Realtors Group

“The group’s president, president-elect and first vice president are elected by members and receive annual six-figure payments, tax records show. N.A.R. refers to officers as “volunteers.” They have been given corporate credit cards, and on work trips, they have racked up charges from expensive dinners, golf outings, spa treatments and sports tickets, The Times found.”

I don’t know who pissed off the New York Times but they are not leaving NAR alone anytime soon. Seems like every other month they find another angle to wound or embarrass the organization and its leadership. This article (and others) may or may not have some valid points but this whole campaign feels a bit like…well… a campaign. I’m not one to be too much of a conspiracy theorist, but this is has a “Blue Horseshoe loves Anacott Steel” sort of vibe.

James Reynolds to retire

Congratulations on Retirement, James Reynolds

“As Mr. Fisher’s first hire following NAR’s acquisition in 2003, James recruited our initial 100 Association customers in just our first 36 months of operations, laying the foundation for our growth as a leading technology company, serving over 400 Associations and over 400,000 REALTORS®.”

Legendary. One of the good guys. It’s hard to say if anyone ever “retires” from this business (that’s why we call it Hotel California) but maybe James will be one of the lucky ones that escape the gravity pull. Happy Trails James!

Katie Johnson, chief legal officer at NAR departs.

NAR Chief Legal Officer Katie Johnson is ‘stepping down’

“As we make this transition, our priority is ensuring business continuity and remaining laser focused on shepherding NAR through this time of significant industry change.”

Inman has asked why Johnson is stepping down, when she is stepping down and who will replace her. We will update this story if and when responses are received.”

Inman News

I think the writing was on the wall when Nykia got the full-time gig at NAR. Many had Katie pegged as the heir apparent for the CEO position once Bob Goldberg retired. But the New York Times sexual harassment stories and the Sitzer/Burnett case had other plans. So why stick around? I didn’t know her well, but she did take my few phone calls (one?) and respond to my emails. She was always cordial whenever we met in person. And unlike many detractors, I think she earned every dime she got from NAR. In another world I would love to hear all the behind the scenes stories she must have.

Good luck, Katie. And most of all, good luck, Nykia. You own this now

Industry Relations Podcast: CCP Musings

On this episode of Industry Relations Rob and Greg discuss, for what seems to be the 17th time, the current rumors about the Clear Cooperation Policy. Rob recently posted a few thoughts on the subject and a few solutions to what seems to have the entire industry tied up in knots.  What they soon realize, there are no easy answers.

Watch us on YouTube!

Connect with Rob and Greg: 

Rob’s Website

Greg’s Website

Our Sponsors: 

CoreLogic

Notorious VIP

The Giant Steps Job Board

This podcast is produced by Sunbound Studios

See you in Chicago!

Trackxi chosen for NAR REACH program

Second Century Ventures Announces 8 Companies for 2024 REACH Scale-Up Program

“Companies accepted to the 2024 REACH program are as follows:

  • Chirpyest(link is external): a social commerce marketplace that empowers real estate professionals to earn cash back when they shop and share their curated finds.    
  • Final Offer(link is external): a consumer-facing, agent-driven negotiation platform for residential real estate, delivering clear, real-time offer alerts to all interested parties.
  • Kukun(link is external): a real estate data, analytics and applications platform for homeowners and the industries that serve them.
  • Notable(link is external): simple pay-at-close financing for everything a client needs to prep their home for sale and get the most out of it.
  • Purlin(link is external): AI tools that convert client conversations into transactions by simplifying business dealings among real estate agents and settlement service providers.
  • Scout(link is external): helping agents find and engage homeowners with AI-driven automated personalized email outreach. 
  • Trackxi(link is external): a collaborative deal and task tracker for real estate agents, teams, clients and consumers.
  • Unlock(link is external): helping consumers unlock the power of home equity without interest charges or monthly payments.”
NAR REACH

No small feat. Out of 1000+ companies considered, 100+ applications, Trackxi is among the final 8 companies chosen for this great opportunity. Congrats to Vijay and his team! Good things ahead!

Vendor Alley reader has unique solution to compensation disclosure on MLS systems

“I think I’ve figured out the solution. From now on, the last three digits in the list price represent the basis points the seller is willing to offer a buyer’s agent. $595,250 = 2.5%. It’s elastic from 0% to 9.99% and legal proof. Is the DOJ going to crack down on how sellers price their property? 🤯”

Vendor Alley Reader

The reader only wished to be identified as a “strikingly handsome and incredibly intelligent industry expert.”

Sponsored By VESTAPlus