Where Real Estate Gets Its Dirt

MoxiWorks layoffs

MoxiWorks laying off employees 1 month after replacing CEO

“Real estate marketing and technology company MoxiWorks is laying employees off, just a month after hiring AI startup executive Eric Elfman to replace founder York Baur as CEO.”

Matt Carter, Inman News

Tough market. Brutal for some vendors. The article names a few people affected by the layoffs, good people, check ’em out.

What does the “Z” in MAZL, LLC stand for?

Update on the Pending Sale of REcolorado to MAZL, LLC

“Firstly, as noted in our public FAQ, MAZL, LLC, is a private company formed specifically to acquire the MLS service. Joseph E. Burks is the sole and only purchaser of REcolorado. He created MAZL, LLC specifically to execute the Letter of Intent (LOI) and complete the business transaction. There are no other investors.”

Denver Metro Association of REALTORS(r)

Okay, I’m just having a little fun with the title of this post. I don’t think Zillow has anything to do with the sale of REcolorado MLS. But I do want to point something out, and it may be obvious already to some but I don’t know why more people are not talking about it.

One person, in this case Joseph Burks, is about to own the 16th largest MLS organization (by agent count) in the country. I don’t think anyone really understands what the second order consequences of this decision could be. 🍿

Lone Wolf Foundation

Lone Wolf Technologies officially introduces Lone Wolf Foundation and the new generation of real estate software.

The future of real estate has arrived: Lone Wolf launches Lone Wolf Foundation, new generation of software

“This is the end result of that extensive research; a platform that goes beyond integrations, beyond connections, beyond a rebrand to create a real solution. From a single login to a modular design that allows real estate professionals to pick and choose the solutions they need, with shared data workflows that keep information consistent from lead to close and the latest in digital security, there’s nothing like this in the industry today—and it will transform the way real estate professionals work, now and into the future.”

Sean Wheeler, CTO of Lone Wolf Technologies

This has been a huge project and I’m loving what Lone Wolf has pulled off. Having acquired some of the most popular and widely adopted software in the real estate space, they have taken a fresh approach on how to create an end-to-end platform. Am I biased? Of course! It’s all because I know the team there is made up some of the most creative and talented people in the industry, people from HomeSpotter, Instanet, zipForm, Terradatum and W+R Studios.

I hear some of you say, “But, Greg, I thought you didn’t like all-in-one solutions?” I think that Lone Wolf’s CEO Jimmy Kelly said it best, “Real Estate Doesn’t Need More Software“. In a nutshell what he is saying real estate has a lot of point solutions; it needs what it already has to pull more weight. The industry wants its existing software to work together, and be more automated. What Lone Wolf is doing is creating a foundation (see what I did there) for their software (and also giving the flexibility to add other solutions) to let brokers and agents create the experience they want. Experience I believe is the key word here.

Congrats to everyone at Lone Wolf!

Move sues CoStar over trade secrets

CoStar hit with trade secrets lawsuit over dueling real-estate websites

“According to the complaint, Kaminsky headed Realtor.com’s “News and Insights” platform until he was laid off in January. The lawsuit said that Kaminsky took a similar role at Homes.com in March.

Move said it discovered last month that Kaminsky had stolen documents related to business strategy, industry contacts and “a vast array of other competitively sensitive and valuable information” for CoStar.”

Blake Brittain, Reuters

Shades of 2014 when Move sued Zillow over the departure of Errol Samuelson and Curt Beardsley. That was pretty messy and Zillow finally settled (without admitting any wrong doing) for $130 Million. Someone once told me that you are never really successful until you start getting sued. So I guess it’s official that Homes.com is getting traction.

Funny that it’s usually CoStar doing the suing. It will be interesting what tidbits come up in discovery if things get that far.

Industry Relations Podcast: The REcolorado Acquisition: A Red Pill Moment for Brokers

**Industry Relations was just announced as a finalist for Inman News “Most Innovative Industry Podcast”! Thanks everyone for help making this happen!***

The recent acquisition of REcolorado by a private entity has sent shockwaves through the real estate industry. In this episode, Rob and Greg discuss the history of MLS privatization and the tensions between associations and MLSs. They shine a light on the lack of member control and power dynamics within the industry, exposing important truths about data ownership. 

This is a red pill moment for brokers and agents as they realize the potential risks and benefits of private equity ownership of MLSs. The duo also discuss the trend of decoupling and its potential impact on the MLS and realtor associations. Are realtor associations truly serving brokers and agents in their local communities? Is it time for them to consider their value proposition and even potentially sell off their MLS? 

Watch us on YouTube!

Connect with Rob and Greg: 

Rob’s Website

Greg’s Website

Our Sponsors: 

CoreLogic

Notorious VIP

This podcast is produced by Two Brothers Creative 2024.

Did a forms vendor just buy REcolorado MLS?

I’m off-site this week without my “Murder Board“. So sans my red string and push pins I’m still putting the pieces together. But here’s what I’m finding out.

In October 2020 a software company filed for an LLC under the name of Hana Software.

The directors of the LLC were Si Hyung Park (male), John Park, and Matthew Wissinger.

Si Hyung Park is a technologist and worked for many tech and consulting companies (https://www.linkedin.com/in/si-hyung-p-b03834/)

John Park is an owner of MetroBrokers Elite (https://www.linkedin.com/in/john-park-1b7b777/_).  I don’t know if they are related. Couldn’t find any information on Matthew Wissinger.

In June 2023 they amended the LLC and Matthew Wissinger was dropped and Joesph E Burks was added.  According the LinkedIn Joseph Burks is the President of Equity Title of Colorado (https://www.linkedin.com/in/joseph-e-burks-a7533a23/)

In January of 2024 a name change was filed. Hana Software is now RE-Sure (https://resure.realestate).  According to LinkedIn Si Hyung Park is listed as the CEO of RE-Sure. That same month Joesph Burks also registered MAZL, LLC.  Which is the entity that is listed that acquired REColorado MLS. Also some of these companies are listed at the same street address.

I had heard from a source that RE-Sure was making the round earlier this year (maybe last year) trying to get their forms solution adopted.  As you may know the Colorado forms software market is pretty much locked up with CTMe (https://www.ctmecontracts.com/eContracts/wp/indexbottom.asp)

One of the MLS orgs RE-Sure was pitching to described them as “very full of themselves”.

Somewhat telling is the RE-Sure website lists SMDRA (one of the REcolorado shareholders), Equity Title, MetroBrokers Elite and Colorado Professional Title as “Our Client & Partners”.

Obviously these guys ( or maybe just Joesph Burks) had a relationship with South Metro Denver REALTORS association (SMDRA) for some time.

Not sure what all of this points too. I guess at the surface level maybe these guys think they can move the needle on the adoption of their forms solution by buying an MLS?  But I doubt there’s enough revenue in forms software to justify this acquisition cost.

REcolorado responds to acquisition news

Subscriber News

“We disagree with their approach and are dedicated to keeping REcolorado a broker- focused business partner and will continue to pursue all options to make certain your MLS remains a locally owned organization that is operated in your and your clients’ best interest.”

REcolorado

What a mess.

Looking for a new gig?

MLS Operations Specialist – The Gulf Coast Multiple Listing Service 

“The Gulf Coast Multiple Listing Service is seeking an experienced MLS Operations Specialist to join our team in Mobile, Al. The GCMLS provides service to over 2,400 MLS participants and subscribers. The MLS Operations Specialist is responsible for the day-to-day operations of the MLS and works closely with our MLS Compliance Specialist. The MLS Operations Specialist is responsible for the operation, training, delivery and maintenance of all multiple listing services (MLS) and supporting products. Data integrity is of the utmost importance so a clear understanding and enforcement of MLS Rules and Policies is required. This position reports to the CEO and serves as a staff liaison to the MLS Board. Some travel and extended hours may be required. Ideal candidates will have a minimum of 2 years of MLS experience.”

Mobile Area Association of REALTORS

The find out about this job or post a job, please visit the Vendor Alley Job Board.

Zillow settles with MLSs

Zillow, MLSs reach settlement in ShowingTime lawsuit

“A court document filed on June 13 stated that Zillow Group and the defendants — Arizona Regional Multiple Listing Service, Wisconsin’s Metro Multiple Listing Service, and MLS Aligned, an MLS collaboration which developed Aligned Showings — have reached an agreement in principle that will result in the dismissal of claims once finalized.”

Real Estate News

Zillow should have never sued their own customers in the first place. One the worse business decisions this space has ever seen.

A new home search portal swoops in to the mix

Flyhomes Launches World’s First AI-Powered Home Search Portal

“Developed over the last two years, ‘Flyhomes AI,’ is a proprietary technology which brings the first conversational real estate search and research to the market, dramatically expanding the amount of information home shoppers can find online.”

Flyhomes

The company has some legit pedigree too.

“The technology integration was overseen by ZeroDown co-founders, Laks Srini and Abhijeet Dwivedi, who joined Flyhomes as chief technology officer (CTO) and chief growth officer (CGO), respectively. Srini and Dwivedi previously served as Co-founder/CTO and as COO at SaaS HR platform, Zenefits.”

Flyhomes

One of ZeroDown’s major investors is Sam Altman, CEO of OpenAI, the creators of ChatGPT.

The new portal will be live in 28 states and Washington D.C., which they claim covers 75% of the listings (I think that sounds right). I got an early sneak peak at the site and it’s pretty rad. Along with the typical portal things you can also ask it questions like

“Show me homes in Los Angeles that have recently dropped in price”
“Provide me an overview of recent t sales in 90210”
“Show me homes in 92648 that are having an open house this weekend.”

To me this could be what a future MLS system interface could look like.

I’m hoping to have someone from Flyhomes on my podcast, I’ve got a ton of questions about their business model, and how they plan to expand coverage.

But my biggest take away is just when we thought that there was no innovation left in the listing portal space, a new competitor enters the ring. Congrats flyhomes! Can’t wait to see more!

Sponsored By Lone Wolf