Where Real Estate Gets Its Dirt

Lauren Hill joins Perchwell

The rumor mill has been spinning but I now can confirm Lauren Hill has joined Perchwell as their sales director. I spoke with Lauren and she was kind enough to give me a quote,

“I’m absolutely thrilled to join this incredible team that’s passionate about making an impact in the MLS space. They truly have something special to offer and I can’t wait to share this exciting journey with everyone” 

Smart move by Perchwell. Having a seasoned rep like Lauren to drive sales and relationship efforts is key. Congrats Lauren! I hope Boston has enough Champagne.

CoreLogic offers “private” solution for CCP concerns

Technical Capabilities Can Help the Real Estate Industry Navigate Clear Cooperation

“Matrix and Trestle can be used together to support MLSs, brokers and industry players regardless of which direction the Clear Cooperation policy is decided, for example:

-Listings marked as private will be suppressed from broader syndication
-Broker’s agents enter all their listings into the MLS system (Matrix)
-The Broker’s agent chooses the appropriate status when entering a listing, including a ‘private’ status
-Matrix is able to include their ‘private listing’ into the data feed back to the appropriate broker in near real time (via Trestle)
-Listings marked private remain private to the broker, and only that broker
-Listings marked as private are only available in any searches by the broker’s own agents or the broker’s agents’ clients.”

Devi Mateti, President, Enterprise Digital Solutions at CoreLogic

Obviously, each MLS would have to approve this solution, but I like the concept. I had a discussion with another vendor about this, and he pointed out that even beyond CCP, there are still mandatory submission requirements. However, I think brokerages like Compass are signaling that they don’t want to deal with those requirements either.

So yes, this does make it easier for brokerages to implement private networks, which I still oppose. But I believe it’s better to use the MLS system to do so. Why? Well, the data will be cleaner when it’s entered, and if the listing sells off-MLS, it can be added to the MLS system with a simple status change. I think if the listing is first entered into some random private network software, adding it to the MLS later might be an afterthought, leading to incomplete or inaccurate data.

Another point Devi’s post touches on is a glimpse into CoreLogic’s strategy if the whole MLS industry collapses.

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.

Sponsored By REcore