Where Real Estate Gets Its Dirt

Mythbusters: Bright MLS Edition

Dispelling Myths 
 About Real Estate 
 Commissions 
and the MLS

“There are many assertions being made about the homebuying process in the wake of the draft settlement agreement. For instance, some assert that real estate agents “steer” buyers away from properties with low offers of buyer-agent compensation and that high commissions drive up home prices. Bright MLS researchers conducted an analysis of more than one million home sales transactions that took place in the Bright MLS service area1 to analyze some of the claims about the residential real estate industry. We ultimately found many statements being made in the media and by others are simply not supported by market data.”

Lisa Sturtevant, PhD, Chief Economist, Bright MLS

Blown away by the analysis here and can’t pretend to understand the math behind the research. It’s amazing how, based on this data, the DOJ narrative on steering and price are pretty laughable. From the report on regarding commissions and home prices:

“The correlation between compensation percent and list price is negative, indicating that higher offers of buyer compensation are actually associated with lower list prices for similar homes.”

Lisa Sturtevant, PhD, Chief Economist, Bright MLS

🎤 ⬇️ Great job Bright MLS.

Racial bias case in Baltimore gets settled

Lawsuit Alleging Racial Bias in Home Appraisals Is Settled

“A year earlier, the couple had opened their home to Mr. Lanham, who is white, for an appraisal, and he put the value of their four-bedroom house in Baltimore’s Homeland neighborhood at $472,000. After the couple stripped their home of family photographs and had a white colleague pose as the homeowner, an action known as “whitewashing,” a second appraiser offered a value of $750,000. The couple said that the difference in value — nearly $300,000 higher — came because the second appraiser believed that the home’s owners were white.”

Debra Kamin, New York Times

I remember reading about this a couple years ago. It just makes your blood boil. I hope they took these companies to the cleaners.

Property Panorama partners with Local Logic

Local Logic and Property Panorama Forge Innovative Partnership to Enrich Virtual Tours with Advanced Location Insights

“This collaboration is set to equip Property Panorama’s vast network of agents and brokers with a one-click solution to Local Logic’s advanced insights directly within their virtual tours and digital marketing solutions, offering an unparalleled understanding of locations across the United States and Canada.”

Local Logic

Property Panorama also made some recents upgrades to their dashboard to include:

  • Account activity feed to track your news and subscriptions
  • Drag and drop photo management
  • Full Support for transparent and PNG images and logos
  • Fully Optimized for Mobile and Desktop
  • Streamlined Navigation 
  • Re-imagined page layouts to better organize your tools and data
  • Priority access to all Property Panorama Products


Check out their recent blog post to learn more: Property Panorama Launches New Dashboard for Agents

Webinar: The Truth about the NAR Settlement

Rob Hahn, my partner in crime at the Industry Relations podcast is hosting a webinar Tuesday, March 26 from 9 – 10:30am PT, this is “must see tv” in my book. So, fire up the flat screen in your conference room and gather round your senior execs. From his announcement:

“It’s been quite a few days. I’ve been getting absolutely hammered with questions from some of you, plus the media, plus investors, plus plus plus. While I’m happy to answer them, and have as much as I could, I thought it time to just hold a webinar and see if I can do it all in one place and one time.

I’ll go over:

  • What the Settlement Agreement actually says.
  • What it requires of brokers, agents, MLS and Associations.
  • What it likely means for you and the industry.
  • Possible unexpected consequences.

I’ve done webinars like this a couple of times in the past, and thought they were useful.”

The Notorious ROB

Click this link to register = > The Truth About the NAR Settlement

It’s $399, but $200 cheaper if you are a Notorious VIP subscriber. As Rob says, “If you are not a VIP Subscriber, well… you can do the math.”

Support independent creators in our space. Sign up today!

Did the NAR settlement just kill ShowingTime Plus?

I’m still going through the documents but one thing jumped out at me and in my opinion could be major for sites like Zillow and Redfin offering one click showing appointments.

“MLS participants acting for buyers would be required to enter into written
agreements with their buyers before touring a home. These agreements can
help consumers understand exactly what services and value will be provided, and for how much.”

nar-qanda-competiton-2024-03-15

Now reconcile that with this on Zillow’s website.

I don’t think this can be done with a simple check box on a terms of service modal. The rule says, “written agreement”. Overall the rule is a bit crazy, as one Realtor I know quipped,

“Hi. You don’t know me or my work still or level of hustle. If you want me to show you this house, you need to agree right now to pay me 3%.”

Will Zillow add NAR to its list of industry organizations they are suing?

VestaPlus [Sponsor]

My thanks to VestaPlus for sponsoring this month’s Vendor Alley. VestaPlus has many solutions that MLS organizations can consider. This week I wanted to highlight there Neighborhood Snapshot product, think of it as a replacement for other market information statistics out there. Here’s a quick video:

To find out more check out their website. And if you are interested in why MLS organizations should look towards buying tools from other MLS organizations please listen to my Listing Bits podcast with VestaPlus’ VP of sales and marketing, Kelly Robinson. On that podcast where we discuss the benefits of working with another MLS organization as one of your vendors. My thanks again to VestaPlus.

Gary Keller goes all in with Homes.com

Reports from Keller Williams Family Reunion show is that the Homes.com booth was crazy with agents signing up for memberships. Why? Because Gary said to.

CoStar CEO, Andy Florance was interviewed on the main stage at the event (see video below). Word is Gary Keller himself told agents to sign up for Homes.com. Which then sent KW agents flocking to the Homes.com booth. This is pretty stunning to me, Keller has frequently rubbed many vendors the wrong way.

And I can’t tell you how unprecedented this is. Gary’s influence with KW agents is legendary. You can tell by the applause (in the video below) that the messaging Homes.com is putting out (especially by the CEO himself) is resonating with agents big time.

I’ve had my doubts but if they keep up this momentum up, Ziltorfin may start pooping in their pants.

VestaPlus [Sponsor]

My thanks to VestaPlus for sponsoring this month’s Vendor Alley. I got a chance to sit down and talk with Kelly Robinson on my Listing Bits podcast. Kelly is a pioneer in the web-based MLS industry and is now heading up the sales and industry relations at VestaPlus. Kelly was also a featured speaker at the CoreLogic’s Clareity24 MLS Workshop last week.

To find out more please visit their website. My thanks again to VestaPlus.

Introducing Giant Steps Advisors

Industry veteran, Greg Robertson, launches Giant Steps Advisors to help entrepreneurs, real estate companies and leaders accelerate their success. 

COSTA MESA, FEB. 26 – Greg Robertson announced today the launch of Giant Steps Advisors, LLC a new company poised to help navigate the new real estate landscape. With a vision centered on innovation, growth, and collaboration, Giant Steps Advisors is set to become the go-to advisor for visionaries ready to take on new challenges.

“Having co-founded my first real estate software company in 1992, I’ve had a front seat to the arc of innovation in the organized real estate industry for the last 30+ years.  My goal with Giant Steps is to give back and share those experiences with our clients to help them reach their goals faster,” stated Greg Robertson, Founder & Principal Advisor.

Giant Steps Advisors believes you need to start from the end and work backwards to help you arrive at the best solutions.  Whether you are developing a product, a go-to-market strategy, M&A, or planning for the future, thinking about the outcomes of your choices first, will help you arrive at your goals quicker.

Staci Wood, Executive Advisor, has joined Robertson to expand the breadth of expertise.  Staci started her career at RE/MAX playing a critical role in the evolution of real estate portals. Staci then moved to one of the largest MLS organizations in the country, REcolorado.  While at REColorado Staci was their VP and Chief Product Officer for over 9 years. With this duo of seasoned experts at the helm, Giant Steps Advisors brings a wealth of experience and a fresh perspective to the table. 

“I met Staci over 20 years ago.  Her broad experience is a perfect addition, and I’m excited she has chosen to join me on this new endeavor,” Robertson said.

For more information about Giant Steps Advisors and its services, visit www.GiantStepsAdvisors.com or Greg@GiantStepsAdvisors.com.

About Giant Steps Advisors

We are here to help entrepreneurs and real estate companies accelerate their journey to success.

Greg Robertson co-founded his first real estate software company in 1992. He is an author of the book, ‘The Art of the CMA’, and publisher of the industry technology blog, “Vendor Alley”. He also publishes two industry podcasts, “Listing Bits”, and is co-host of “Industry Relations”. Greg was the co-founder of W+R Studios, creators of Cloud CMA and the rest of the Cloud Agent Suite. W+R Studios was acquired by Lone Wolf Technologies in December of 2020. 

Contact

Greg Robertson

Founder/Principal Advisor

Giant Steps Advisors

Greg@GiantStepsAdvisors.com

www.GiantStepsAdvisors.com

Monday

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