Overview

Rob and Greg are joined by Jack Miller (President & CEO of T3 Sixty) for a wide-ranging discussion on the SP 200, changes to T3’s ranking methodology, brokerage business models, agent economics, consolidation, and the future of the MLS as a comprehensive marketplace.

Key Takeaways

• SP 200 methodology update: Rankings now factor in future impact, not just past performance, leading to notable shifts in the Top 10.
• Agent economics by model: Traditional brokerages show higher average agent income, while fee-based and capped models emphasize unit economics.
• Brokerage costs: The critical metric is cost per transaction and cost per agent—not just GAAP net income.
• Teams vs. platforms: High-producing agents increasingly partner with platforms (Compass, Place, Side) instead of building large internal teams.
• MLS under pressure: Preserving a comprehensive marketplace is the key challenge as private and delayed listings increase.
• Consolidation continues: Industry consolidation is ongoing, but not near an end-state oligopoly.
• Portals vs. brokerages: Compass and Zillow are shaping industry direction in different ways, with contrasting strengths and strategies.

Links

Consulting

Trends

Industry Rankings

Sp200 Rankings

Industry News

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Production and Editing Services by Sunbound Studios

Overview

Rob and Greg open the episode by honoring Glenn Kelman’s retirement from Redfin, reflecting on his leadership style, industry impact, and memorable moments. The conversation then pivots to new state-level legislation in Wisconsin and Washington targeting listing transparency, and whether laws attempting to regulate “public marketing” will actually change broker behavior—or simply create loopholes.

Key Takeaways

• Glenn Kelman’s legacy: Widely regarded as a first-ballot industry Hall of Famer for his longevity, candor, and mission-driven leadership at Redfin.
• Marketing vs. data: “Marketing” a listing is not the same as disclosing full MLS data—an important distinction lawmakers may be overlooking.
• Legislation limits: New laws requiring public marketing are difficult to define and enforce, and may fail to prevent private or limited-exposure listings.
• Free market tension: Over-regulation can lead to workarounds and unintended consequences rather than the transparency it aims to create.
• MLS role evolving: MLS participation is increasingly seen as a trade-off rather than a necessity, though inertia and seller expectations remain powerful forces.

Links

Satirical Realtor Video

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Our Sponsors:

Cotality 

Notorious VIP

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Production and Editing Services by Sunbound Studios

Overview

Rob and Greg dive into a packed week in real estate: the Compass–Anywhere deal officially closes, CoStar announces major spending cuts for Homes.com, and the recently settled Top Agent Network lawsuit raises big questions about the future of Clear Cooperation. They debate what these moves mean for MLSs, brokers, and portals—and preview the industry shake-ups still to come.

Key Takeaways

• MLS Reset is sold out, with Rob returning as a featured speaker.
• Compass–Anywhere deal closes, surprising some who expected DOJ interference.
• CoStar cuts Homes.com spending by 35%, signaling a shift in strategy but not an exit from residential.
• Debate over Homes.com’s future: Will CoStar pivot, partner with brokerages, or rethink its model?
• Top Agent Network settlement surfaces new guidance from NAR, suggesting TAN may not violate Clear Cooperation—potentially reshaping private-listing practices.
• Rob and Greg strongly disagree on the long-term impact of the TAN news and the strength of private networks.
• Upcoming injunction ruling (Zillow vs. NAR/DOJ context) may matter less than expected depending on how Compass positions itself.

Links

Compass Article

Greg Hague Guest Post

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Production and Editing Services by Sunbound Studios

Overview

In this episode, Rob and Greg dive into the implications of a future where exclusive listings become the industry norm. They explore how this shift could reshape brokerages, MLS operations, agent recruitment, consumer transparency, and portal business models. With a slow news week in real estate, the discussion becomes a deep speculative analysis of what happens if the market fully embraces private listing networks, how big brokers consolidate power, and whether the MLS becomes a “nice to have” rather than a necessity. They also touch on political factors, Zillow vs. Homes.com strategy, and how agents might adapt in a less transparent ecosystem.

Key Takeaways

• Exclusive listings could dramatically shift power to large brokerages, enabling stronger recruitment flywheels and disadvantaging boutique firms.
• Big brokers may form alliances to consolidate private listing access, leaving smaller shops struggling to compete.
• MLSs risk becoming secondary tools—useful but no longer essential—if private networks supply the bulk of market inventory.
• Consumer transparency may decline if days-on-market and price-change history disappear, increasing agent value as data interpreters.
• Portal strategies (Zillow, Homes.com) may need to adapt, especially if sellers aren’t willing to pay for exposure under an exclusive model.
• The industry still misunderstands exclusive listings, which are less about double-ending and more about recruiting, retention, and leverage.
• Market cycles and seller psychology remain central, as many sellers still prefer full exposure while others choose convenience and certainty.
• Political housing policy may shift unexpectedly, though current geopolitical chaos makes predictions uncertain.

Connect with Rob and Greg

Rob’s Website 

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Watch us on YouTube

Our Sponsors:

Cotality 

Notorious VIP

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Production and Editing Services by Sunbound Studios

The Industry Relations Podcast is now available on your favorite podcast player!

Overview

Rob Hahn and Greg Robertson close out the year with their annual predictions episode. They debate where housing transactions, interest rates, and home prices are headed, then turn to broader market forecasts. The conversation shifts to industry-specific predictions around lawsuits, private listings, MLS policy, portal strategy, and where consolidation may reshape brokerages and real estate technology next.

Key Takeaways

• Existing home sales, interest rates, and median home price predictions — with very different rationales.
• Why mortgage rates may be driven more by the bond market than the Fed.
• Bold calls on NASDAQ, gold, and Bitcoin.
• Compass vs. Zillow and the future of private listings.
• A potential overturning of the NAR settlement and what that would mean for the industry.
• Why forms litigation could be the next major legal battleground.
• What portals like Zillow, Realtor.com, and Homes.com may need to change.
• Predictions around major brokerage, franchise, and proptech consolidation.
• MLSs redefining participants, IDX access, and control of listing data.

Connect with Rob and Greg

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Greg’s Website 

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Our Sponsors:

Cotality 

Notorious VIP

The Giant Steps Job Board 

Production and Editing Services by Sunbound Studios

The Industry Relations Podcast is now available on your favorite podcast player!

Overview

Rob Hahn and Greg Robertson close out the year by revisiting their 2025 predictions and grading how they actually turned out. From transaction volume and mortgage rates to MLS power shifts, NAR’s role, Zillow’s influence, and major industry moments, the episode becomes a candid year-in-review on what really changed—and what didn’t—in real estate.

Key Takeaways

Greg outperformed Rob on most economic predictions, including transaction volume, mortgage rates, and median home prices. 

The stock market’s strong performance validated Rob’s bullish call. 

MLSs and NAR dominated debate: MLS autonomy increased, while NAR’s influence continued to erode. 

Realtor.com’s acquisition activity missed Greg’s specific predictions, while Rob’s calls on Phoenix-style breakaways and MLS mergers did not materialize.

Zillow’s growing power, ongoing lawsuits, and IDX tensions were identified as major forces shaping the future.

Housing affordability emerged as a defining political issue, highlighted by discussions around commissions, younger voter sentiment, and proposals like 50-year mortgages. 

Both hosts frame 2025 as a “transition year,” where the consequences of earlier lawsuits and policy shifts fully surfaced.

Next week, 2026 Predictions!

Links:
Bingo Board
Vendor Alley 

Connect with Rob and Greg

Rob’s Website 

Greg’s Website 

Watch us on YouTube

Our Sponsors:

Cotality 

Notorious VIP

The Giant Steps Job Board 

Production and Editing Services by Sunbound Studios