Where Real Estate Gets Its Dirt

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.”

Another miss

Anybody else getting a ton of calls/texts/forwards from your “non-real estate” friends about the NAR settlement? My friends are saying that a lot of their social media feeds are crazy with anti-REALTOR messages. Mostly in their social media feeds, with a ton of memes and “quick takes”. I think all of us are still digesting these changes but in the end as Redfin CEO, Glenn Kelman wrote in a recent blog post (NAR Settlement: Kaboom!) “…perception is reality…”

“Even if the letter of the settlement allows for cooperation, how the settlement is perceived may still re-shape agent attitudes about cooperation, and consumer attitudes about fees. The result could be that agent-to-agent cooperation on fees is weakened but not killed. “

Glenn Kelman, Redfin

I want to say upfront that I think NAR did a tremendous job on the settlement for their membership. But, and I may be beating a dead horse here, this feels like another miss in messaging/marketing from NAR. Based on what I’ve seen on Twitter and elsewhere NAR took everyone by surprise, even at their own event, AEI.

How about pumping the brakes a bit? Create some good content that puts a positive spin on things. Give all those assets to share with your local MLS and associations (so they can pass it on) and mirror that with some sort of nationwide “we hear you” campaign.

But releasing the news when all of their association leadership was offsite? Plus, has anyone seen anyone from NAR in the national news?

WTF?

Back to basics

Defining and Communicating the Value of the Multiple Listing Service

“In light of this uncertain, ever-changing environment, a casual observer might ask, “What is the existential value of an MLS?” The truth is, the MLS has provided an abundance of value over the past century that explains its broad appeal and its continued relevance.

Being able to succinctly communicate the many benefits of the MLS in a modern environment—with historical context, and even from an international perspective—is critical for brokers and MLS leaders to ensure that transparent, liquid marketplaces continue to serve their communities. In fact, any professional who’s involved in the real estate profession should be prepared to describe the value of the MLS.

Sam DeBord

A good reminder.

Looks like non “association owned” MLS orgs are still on the hook

Still running through the docs. One reader tipped me off to this nugget; Check out #8 of NAR FAQ on the settlement:

“8. How does the settlement affect MLSs?

• The agreement would release association-owned MLSs from liability for the types of claims brought in these cases on behalf of home sellers related to broker commissions.

• While the release excludes MLSs that are not wholly owned by REALTOR® associations, the agreement provides a mechanism for those MLSs to obtain releases efficiently if they choose to use it…”

nar-qanda-competiton-2024-03-15

Shades of CIVIX?

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