My thanks again to VestaPlus for sponsoring this month’s Vendor Alley. The team at VestaPlus has put together a great website that highlights the benefits of VestaPlus. The website is also a good resource to learn about the other products/features offered by VestaPlus such as Neighborhood Snapshot(tm), ShowingsPlus(tm), and Checkmate(tm) (which was recently adopted by CWMLS).
Next week Lone Wolf Technologies will reveal its new platform at the T3 Technology Summit, and I’m super excited about it. Why? Let me tell you a story.
At W+R Studios we were bootstrapped, so we needed to grow organically. Our product strategy centered around making core features of an MLS system better.
CMAs on MLS systems suck? Let’s make a better one. Enter Cloud CMA.
MLS system’s client portals and listing alert emails are ugly. Let’s make them pretty (and easier to use). Voilà , Cloud Streams.
Searching on MLS systems too complicated? Let’s make something simple. Boom, Cloud MLX!
The problem was two fold. In order to grow we needed to add new products (more software) and at the end of the day is that we had 3 different software apps, each of them great in their own right, but they didn’t really work together. Also if you wanted all three you had to buy each one separately, and have 3 separate logins, and 3 separate onboarding scenarios, 3 different times you entered a credit card number, and 3 separate…you get the point.
We solved most of this by creating the “Cloud Agent Suite“, but really only scratched the surface of what was possible, then we were acquired in December 2020.
So this problem of “simplifying real estate” has been on the minds of our (W+R) design team for a very long time. How do we bring all of this together to create an end to end solution that makes sense, and still grow? Can “less software” be the answer?
Turns that the problem was about to get bigger. Starting in 2020 Lone Wolf acquired 5 companies in 9 months (including W+R); HomeSpotter, LionDesk, Terradatum and Propertybase. Now you had 9 (at least) separate logins, 9 separate… you get the point.
When I left Lone Wolf I was starting to see the green shoots of this work. Most of it on the backend led by Sean Wheeler, Lone Wolf’s CTO. One login, one credit card, one database of contacts for all products, etc. Jimmy Kelly, Lone Wolf’s CEO, talked about their effort and the concept of “less software” on a post on Inman News titled “Real Estate Doesn’t Need More Software“. I was also privy to see some of the earlier mock ups from the design group, which were super impressive.
But, like any good meal it all comes down to ingredients. Lone Wolf from my estimation has the best ingredients in the market. The products they acquired (and the teams behind them) are not only best of class but have high adoption rates and great partnerships. Now it comes down to presentation and taste. And I have full confidence in the design chops of the team behind this. I had a chance to interview, Damien Huze, who was W+R’s Chief Design Officer and now a principal designer at Lone Wolf on my Listing Bits podcast which should drop this week.
Am I biased? Absolutely. Am I still a fan of simple focused software applications? You betcha. But I’m a bigger fan of people. So I look forward to seeing how this particular group of talented people proves less software is better.
What if we told you that a high-stakes trial in the real estate and technology industry is about to unfold, with potential implications for consumers and the future of the housing market? Today, Rob and Greg are joined by Ed Zorn, Vice President and General Counsel at CRMLS, and they dive into the details of the ongoing Burnett v. NAR trial, exploring the various legal aspects and arguments that could lead to a major disruption for home sales.
Join us as we discuss the application of the “per se” standard, the challenges faced by the Burnett, and the pivotal role of the Multiple Listing Service (MLS) in this episode of our podcast. Don’t miss this heated discussion as Rob and Greg once again do their best to save the real estate industry.
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This podcast is produced by Two Brothers Creative 2023.
I don’t think they allow phones or recording devices in the courtroom for the Sitzer | Burnett lawsuit but Inman News has sent Andrea to cover the courtroom case and they have posted a website, for “live updates”. I don’t think anyone has as much understanding of the issues more than Andrea so I’m glad they sent her!
You can check the Live Updates site here.
A few choice quotes from this weekend’s WSJ article on “Realtors Face an Antitrust Reckoning”
“The Realtors require this offer if a seller wants the home listed on an affiliated multiple-listing service, which is a database of homes for sale that serves the same purpose as a stock exchange. While innovation and competition have slashed stockbroker commissions, the commission on home sales has stayed basically flat for decades at 6%, split evenly between the buyer and seller agents.”
The Editorial Board, Wall Street Journal
Buying a home is not like buying an airline ticket, movie ticket, toilet paper or a stock. It’s a decision that doesn’t happen often, emotional and can be the largest financial decision in their lives. For those reasons it makes sense for someone to hire a trusted advisor.
“The Realtors also claim their rules benefit consumers by giving them “access to the largest database of properties available” and reducing out-of-pocket costs. But commissions get baked into home prices. If not for the Realtors’ rule, many buyers wouldn’t use brokers or would negotiate lower commissions. Home prices would likely fall.”
The Editorial Board, Wall Street Journal
“Many buyers wouldn’t use brokers”? See above comment.
I could go on and on, but WTAF?
My first job.
On this episode of Industry Relations Rob and I discuss what has really changed in the MLS industry. One thing that has always been a constant in the MLS industry is change. With technology rapidly evolving and consumer demands continuously shifting, it’s no surprise that the MLS landscape is constantly adapting.
But what does this mean for those working in the industry? Are there new skills or knowledge that are now required to succeed?
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Resources:
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Our Sponsors:
This podcast is produced by Two Brothers Creative 2023.
“Listing Toolkit is a resource for agents to attract more seller clients and uncover buyers seeking their homes, among other benefits. It’s for those with Realtor.com Pro accounts and has a full integration with Lone Wolf’s Cloud CMA to quickly build dynamic presentations that can be juxtaposed with a wide range of buyer traffic data to demonstrate demand across the entire Realtor.com coverage area. It enables quick property advertising campaigns and allows for self-promotion and branding using Realtor.com’s UpNest product suite, which allows for paid increases in reach. Overall, the experience is supported by a modern, consumer-facing UI and should pose little challenge to learn. It could be a nice value-add to the tech stack of agents with reasonable marketing budgets, and a good use of time for small, tech-forward brokerages and teams with marketing staff.
Craig Rowe for Inman News
Good write up from Craig. As I’ve written about before I think the realtor.com team did a great job with Lone Wolf with the integration.
My thanks to VestaPlus for sponsoring this month’s Vendor Alley! Following the success of THEMLSPRO®, in 2018, The MLS™ unveiled its next-generation software, VESTAPLUS™, an innovative and versatile suite of MLS software solutions founded on the idea of working with real estate professionals to develop technology solutions that are powerful yet easy to use. VESTAPLUS™ has become a leading technology vendor and winner of the 2020 HousingWire Tech100.
VestaPlus has just announced at Strategic partnership with Central Wisconsin MLS for their Checkmate Listing Violation Detection(tm).
“CWMLS, a wholly owned subsidiary of Central Wisconsin Board of REALTORS®, consists of over 150 Firms and over 700 REALTORS® Members. By joining forces with VESTAPLUSTM, CWMLS will transform the way they detect listing violations, ultimately saving time and money.
Checkmate will be tailored to meet the specific needs and requirements of Central Wisconsin MLS, providing a personalized solution that aligns with the organization’s goals. With its state-of-the-art technology, Checkmate automates the listing violation detection process, reducing the need for manual oversight and minimizing errors in the data.”
-VESTAPLUSTM MLS Software Solutions
Looking forward to seeing everyone in New Orleans next week for CMLS 2023. I’ll be speaking at the CEO Forum on Tuesday, and doing my “Industry Update” session on Thursday afternoon.
Hit me up if you think I can help you in any way. Check out this page for more information.
And remember people…Never Go Big on the First Night!
See you soon!
