Where Real Estate Gets Its Dirt

Why is Robert Reffkin spreading lies about MLS?

Bright MLS CEO checks Robert Reffkin on Clear Cooperation Policy

“What concerns us the most is that these false claims are trying to harm us and benefit primarily the brokerage through sellers not getting the widest exposure for their listing.

“In our view, it could put homebuying and selling in the hands of a select few agents who could choose with whom they want to share information. Ultimately, we think getting rid of the norms and protocols about how information is shared would slide the real estate industry down the mountain into a heap where buyers and agents are forced to pore through online marketplaces and thousands of brokers’ sites to weed out scams and find possible properties. I am confident no one thinks that’s a good idea.”

Brian Donnellan, CEO Bright MLS

Masterful rebuttal from Brian Donnellan calling out Refkkin’s nonsense. At CMLS the misinformation Reffkin was putting out on stage reminded me of another meme.

But why put on such a show? What with all the hand waving? We all know what’s going on. Brian Boero’s post, “Clearing the air of Clear Cooperation” laid it out.

“Some big brokers, among whom Compass is the most vocal, want to accelerate their private listing efforts. Compass has been quite clear about their desire to become a listing destination. Given years of eroding margins, and the potential for commission compression in a post-settlement world, big brokers would like to keep as many transactions in-house as possible and fully leverage their hard-won market share. A critical mass of private, exclusive listings is also a big recruiting lever.

Why not just say that? It’s an obviously rational position, and one that is not inherently evil.”

It seems that culturally, we now rely on fear as the main way to make a point. Whether it’s immigrants ‘eating our cats and dogs’ or the ‘end of democracy.’ Just stop.

And by the way, if Reffkin or any other broker thinks that private/exclusive listings are the right strategy to increase their margins, they need to think harder about this problem. The market will turn, and coming up with band-aid solutions to current problems is not the answer. The real reason you’re failing is that you’re not delivering value to your customers. Focus on that, not on spreading fear.

Zillow President, Susan Daimler, speaks out against private listing networks.

Private listing networks harm sellers, buyers, and fair housing

“For the very few people who need maximum privacy over maximum price, there should be options to have a home privately listed. This practice should be the exception, not the rule, because it doesn’t serve the needs of most sellers. And most MLSs do allow sellers to opt out of having their listing online. But for those who believe they are making the decision to list with a private network for any sort of reduced hassle in the form of avoiding showings or timing delays need to understand the clear tradeoff they’re likely making in price and selling speed. “

Exactly. Many proponents of pocket listings argue that it’s about preserving the seller’s freedom to sell however they want. But that’s just a smokescreen. Sellers and buyers currently benefit from a unified marketplace, and dismantling this system would harm them, driven by the greed of larger industry players.

The Economist interviews Rob Hahn on Money Talks podcast

Will America’s realtors change their ways?

“Agent commissions are a key part of how the US housing market operates. Realtors representing the seller and the buyer have typically taken a large cut of the sale price – usually 5% or 6%. Now the National Association of Realtors has lost a class action lawsuit brought by homesellers, claiming these high commissions are the result of anti-competitive practices. So will new rules, agreed in the settlement of this suit, bring down the cost of buying and selling a home?”

The Notorious ROB hits the big time! The podcast also includes Michael Ketchmark as a panelist. Super interesting to hear from the host’s non-American perspective of our real estate system.

Did NAR just blow up CCP?

NAR tells sellers they don’t have to list on the MLS

“A point of contention around Clear Cooperation is the requirement that, in most cases, agents must submit a listing to the MLS within one business day of publicly marketing it. In its message to consumers, however, NAR appears to take a more flexible stance, telling sellers they do not have to market their home through the MLS, but still advising them to “discuss the pros and cons with your agent.” 

Real Estate News

If the National Association of REALTORS says it okay not for home sellers not to list on the MLS, then that’s the ballgame. CCP is dead.

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: Tales from the Road

After missing a recording last week (due to travel schedules) the boys are back with another jammed pack episode of Industry Relations.  In this week’s episode Rob and Greg discuss recent Blueprint conference in Las Vegas, CMLS 2024 in Seattle and REColorado new subscriber agreement.  And they sprinkle a little CCP talking points just for good measure.

Watch us on YouTube!

Pictures of Greg’s sister, Pilar, winning her own award

Pictures of Greg presenting at CMLS 2024

HousingWire post on REColorado acquisition

Greg’s take on Rob Reffkin’s CMLS 2024 interview

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

REcore Announces MLS Buyer Registry

REcore Announces Launch of MLS Buyer Registry: Addressing Compliance, Protecting Agents, and Streamlining Workflows

“MLSs are now tasked with ensuring compliance with buyer agency agreements, and we saw the opportunity to not only solve that problem but also add real value for agents,” said Katie Smithson, Chief Revenue Officer at REcore. “The MLS Buyer Registry provides more than just compliance – it introduces new ways for agents to manage buyer relationships, resolve disputes, and streamline their processes.”

REcore

Very clever. Agents fill out a form when they have a buyer’s agreement signed (no forms need to be uploaded). When a buyer reaches out to an agent to see a property, agents can quickly check if the buyer is already represented, verified by the digits of the buyer’s phone number (not a phone call), and make a decision. Simple. Each MLS will decide whether this is mandatory or not. The Buyer Registry can be linked from the MLS dashboard, through a link in the MLS system, or integrated further with REcore’s REcenterhub product. Full disclosure, I’m on the board of REcore.

What I like about this is that REcore isn’t trying to change the world. They see a need, have a simple solution, and have put it out there. I’ve often been critical of MLS organizations trying to become vendors, but this is an example of how they can succeed. It’s ‘scratching their own itch’ on a much larger scale.

I’m sure they’ll receive feedback from their MLS customers on what to improve, but the important thing is they are offering solutions. Too often, I see companies overthink their solutions. The best product managers are your customers. So just ship!

Paragon Suite from ICE [Sponsor]

My thanks to ICE for sponsoring this month’s Vendor Alley

Powerful communication notification with the all-new Collaboration Center in the Paragon suite from ICE

Powerful communication notification helps agents stay in constant communication with clients, so they can be there for buyers and sellers at every step of the real estate transaction.

Agents stay updated on favorites, dislikes, possibilities, comments, and new searches with the Client Communication dashboard. Transparent contact info. – with profile picture – helps agents remain just one click or tap away via text, call, or email. Users also remain current on listing comments, unread messages, and the full message history … putting the client’s needs first, always.


Learn more about the all-new Collaboration center in the Paragon Suite.

Rayse rising

Rayse Launches to 200 Brokerages, Transforming Transparency and Value in Real Estate Transactions

“Developed in collaboration with leading brokerages, franchisors, and multiple listing service (MLS) providers, Rayse has garnered significant industry support. “We believe in shared ownership of technology solutions to benefit both real estate professionals and their clients,” said Howard W. “Hoby” Hanna IV, CEO of Howard Hanna Real Estate Services, an early investor in Rayse. Founding investors in Rayse completed over 1.1 million transactions in 2023, and the combined agent count among brokers and MLSs is over 470,000, according to data provided by T3 Sixty.”

What I appreciate about what James Dwiggins has so far done with Rayse is the shear number of industry participants who have invested real money to launch this new venture. The count of industry investors he has put together is amazing. It lessens the burden of having to rely on one or two big checks and also has the advantage of smart money. If you take a look at the list of people/companies that have invested they are the same people that can actively participate in helping the company succeed. And when Rayse does succeed they all can participate in its success. Love, love love.

It’s time to Reset

I wanted Vendor Alley readers to be the first to know that the PRESTA team is partnering with my company, Giant Steps, to put on a conference next year. We’re calling it MLS Reset.

When Amy and Chris reached out to us with the idea, I was a little hesitant. Do we really need another conference? But the more we talked, the more excited I got about the opportunity.

We are holding the conference in January 2025, which we think is the perfect time for MLS executives to reflect on the changes that happened in 2024 and reset for a productive new year. We also chose a familiar place for the event: the Scottsdale Plaza Resort.

Our goal is to create something special. It’s still early days, but we’re buzzing with ideas! I hope you will join us.

We’ve set up an Eventbrite page for early bird pricing, and sponsorship information will be coming soon (we will be launching a full website soon). Space at the Scottsdale Plaza is limited, so please sign up early.

For more information and to buy tickets, please visit this link: MLS Reset.

Sponsored By Paragon Suite from ICE