“Compass filed a lawsuit in New York on Monday, alleging that Zillow is breaking federal antitrust laws by permanently banning any listing that isn’t put on an MLS within a business day of being publicly marketed.
“To protect its market dominance, Zillow has retaliated against competitive threats by enacting an exclusionary policy,” Compass argued in its lawsuit.”
Compass is already suing MLS organizations like NWMLS. Even in this industry the blustering that Reffkin is performing would put a carnival barker to shame.
All MLSs already have mechanisms to protect sellers who need confidentiality. To suggest otherwise is just false.
The real question is: does limiting exposure to a handpicked group of “right” buyers help most sellers? Maybe—if the home is ultra-unique. But for 99.9999% of listings, broad exposure is what gets results.
Remember the story of a seller usingCompass’s “three-phase plan” who got her “magic number,” declined, then went public—and sold for $100K more.
Compass is selling a marketing strategy that only works in a hot market. As things cool or shift to a buyer’s market, that approach collapses.
Also worth noting: per NAR, 1 in 6 minority homebuyers reports facing discrimination. Does anyone really think keeping listings hidden improves that?
My thanks again to Styldod for sponsoring this month’s Vendor Alley.
Wanna go down an AI rabbit hole for a while? Check out REimagineHome. You simply upload an image of a room you want to redecorate or the exterior of a home you want to re-landscape, and REimagineHome will magically render different layouts and design options using their AI technology.
I uploaded a photo of a room at our studio, and it completely reimagined the space with a whole new vibe. It’s mind-blowing.
Styldod’s tech powers REimagineHome, and it’s easy to see how powerful it is. You can also imagine how this kind of technology could be used proactively to help with compliance issues before they happen.
Check out their AI Media Module for Listing Creation: Styldod
And once again, big thanks to Styldod for sponsoring this month’s Vendor Alley.
Proptech Pre-Party: Escape the Vegas Vibes, Find the Real Ones
🗓 Monday, July 28th | 🕔 5PM – 10PM
📍 Greg and Dan’s Studio – Costa Mesa, CA
GO BIG ON THE FIRST NIGHT!! Before Inman Connect makes its San Diego debut, come hang with the cool kids of proptech and organized real estate just a couple hours up the coast in beautiful Orange County.
Hosted by Tuesday and Giant Steps, this is not your average networking mixer. We’re throwing a proper pre-party at our studio—with great food, cocktails, and a soundtrack that doesn’t suck.
Yes, San Diego has beaches. But we’ve got something better:
✔️ Real talk with the sharpest minds in real estate tech
Whether you’re flying into John Wayne or just craving a fresh scene before the conference madness begins, this is the spot to kick off your Inman week. Find out more here.
In this episode of Industry Relations, Rob and Greg reflect on a recent panel discussion hosted by the Orange County Association of REALTORS®. They discuss the incentives that drive agent and broker behavior, the value and vulnerabilities of the MLS in a post-settlement world, and the broader structural changes facing the real estate industry. The first half of the conversation also includes a candid exchange on trades as a career path and the shifting economic landscape for young adults.
Key Takeaways
MLS Incentive Structures – A deep dive into how policy changes have affected the incentive for brokers to remain in the MLS, especially with the decline of enforceable compensation.
Broker Power and Consolidation – Why the largest brokerages may now have more incentive to operate independently of the MLS and what that means for smaller firms.
Agent-Level Impact – Rob and Greg question whether large-scale policy debates truly affect everyday agents and argue that most industry drama doesn’t change the work agents do.
Panel Highlights – Reflections on a live panel with James Dwiggins and Ed Zorn, including audience reactions and a question: “What would you do if you ran NAR?”
Compensation and Enforcement Post-Settlement – Analysis of how buyer-agent compensation continues through informal agreements and social norms, despite changes to MLS rules.
Trades and Career Advice – A wide-ranging discussion on whether young people should consider skilled trades as an alternative to traditional college paths.
“Celebrating its 10th year in business, Rechat is redefining how real estate professionals work by integrating AI across every part of the transaction. The platform offers a fully connected experience from lead to close, combining CRM, marketing automation, design, digital advertising, and smart transaction management into one single interface. With over 16,000 users, 75% average CRM adoption and expanding partnerships with top national brokerages, Rechat is setting a new standard for how agents engage with clients and grow their business.”
I see two (maybe three) camps forming:
Existing software vendors/solutions adding AI into their products
Native AI solutions—those built with AI first and foremost in mind
And recent vendors who have either scrapped their existing products or gone all in on AI.
Rechat looks like they’re getting a few things right. I’m especially impressed with their team. I’ve chatted with Rechat founder and CEO Shayan Hamidi and seen him speak. I also worked with Shaun Harkley at Lone Wolf, he’s a solid sales leader. And of course, newly added Audie Chamberlain is one of my favorite people in the industry.
The new kids seem to be chasing the same things the old kids were chasing: the elusive “all-in-one” product. Maybe Rechat’s “Super App” is a better path. And I wonder if AI is the key to actually making that happen?
Part of me wonders if I write too many “Dad posts,” but mostly, I just write what I want. So here’s another one.
I have to say how lucky I feel to be a father. I got a bit of a late start (I’ll be 58 next year, and my youngest, Hope, will be a junior in high school).
I can’t imagine it any other way. The kinetic energy that fuels the chaos each corner of our house comes from the TV blaring, the dogs barking, my sons playing video games, my wife (the very reason I am a father) grading papers while doing 7 other things at once, and my daughter walking down for a snack, then retreating to her bedroom again, but never going back upstairs without a kiss and a soft, “I love you, Daddy.” That’s all it takes to make me happy.
My son Cole is at NYU Film School and loving it, which makes me anxious in all the right ways. He’s home for the summer, but I can tell he’s starting to figure out who he is in the world and what he wants to become.
My daughter Hope is a wonderful artist and will probably end up with the highest grades of them all. She’s becoming…and that, too, makes me a little anxious.
But this year has been all about my son Toby. He graduated from high school last week. His high school journey has been incredible: he played on the varsity tennis team, earned his Eagle Scout rank, and won more awards than I can list. He was named “Charger of the Year,” received the “Top Character” award from his teachers, and has been a student leader in ASB since his sophomore year. How does one top that?
At his high school, students can submit a written speech for a chance to speak at graduation. If selected, they get to sit on the main stage and deliver that speech to the entire class. Toby submitted his speech… and it was selected.
Stage right, about 9 rows up on the bleachers, right about at the twenty yard line, Jenn and I got to see how far our son had come. And I wanted to share it with you.
My thanks again to Styldod for sponsoring this month’s Vendor Alley. And now you are in for a special treat, a guest blog post from the SVP of Industry Relations for Styldod, Todd Carpenter.
Disruptors and Institutions
I’ve worked for two small mortgage brokers, three giant mortgage banks, three tech startups, a venture capital firm, myself, and one of the most powerful trade groups in the world. I’ve also mentored over 100 PropTech startups during my career.
In that time, I’ve found that small organizations are often at odds with large ones. I’ve seen it from both sides. Small organizations tend to disrupt; large organizations tend to build barriers that squash disruption. A big mistake each side often makes is overlooking the advantages of working together.
If you’re a vendor like us, with a disruptive idea, I suggest you learn as much as you can about the institutions you are about to innovate around. Why is their business model dominant? How did they get there? What resources do they bring to bear?
If you still think you have a great idea, look to see if someone has tried to implement it in the past. Spoiler, someone probably has. If they failed, ask yourself why. Even better, ask them.
You’ll find that institutions have tremendous momentum—like an aircraft carrier. Their inertia makes it hard for them to change course. You may feel like this is an advantage because you are small and fast, like a Jet Ski. You can adapt and course-correct easily. You have almost no one else on your boat who needs to adapt with you. Your Jet Ski can turn much faster than their aircraft carrier.
Institutions are slow to change. Their past success is their inertia—it pushes them to stay the course. That could present an advantage for you. Or maybe not. Just remember that once they do change course, they still have an aircraft carrier.
If you align yourself with an institution, you might become frustrated at how long change takes, but you also gain the benefit of their momentum, and can trust that their reluctance to change means they’re unlikely to shift course again—this time to a position that no longer benefits you.
Cooperation is good for the institutions as well. They have inertia, wisdom and resources, but are often lacking the ability to innovate quickly. While working for NAR, I helped implement the new CEO’s shift to. “Not Invented Here.” The initiative was to stop building products that compete with startups and start welcoming more of them into NAR’s tent. Through the iOi Summit, the REACH Technology Accelerator, and Second Century Ventures, we built a network of industry-aligned innovators who viewed the association as an ally, not an enemy. CRMLS created Venture MLS for similar reasons. They invested their inertia, wisdom and resources into our startup, and helped us find the ideal way to align ourselves with the industry.
At Styldod, we use image manipulation technology and artificial intelligence to help agents present homes in their most favorable online light. Positioned incorrectly, this technology creates annoying problems for multiple listing services—especially around compliance and disclosure. So we built a product that reduces headaches for MLSs instead of creating more. The MLSs we’ve worked with see us as a benefit to their subscribers, and a direct benefit to their staff. We help their compliance officers eliminate many of the time-consuming mediations that occur when agents upload problematic photos.
Many of the startups I’ve mentored take for granted how much heavy lifting MLSs do to create a consumer-friendly user experience. Our product is designed to enhance one of these institutions greatest strengths; providing the gold standard of real estate data to their partners.
Companies like Redfin, CoStar, NewsCorp, and nearly every real estate broker in the U.S. depend on this gold standard to market listings. Even Zillow, once seen as adversarial to organized real estate, eventually pivoted to align with MLSs. Proptech founders may want to take note.
If your new startup is built on the idea that an MLS, a portal, a brokerage, or an association is bad, it gives me no great pleasure to tell you that your product is likely to fail. These institutions are strong for good reason. If your business model is built on the belief that REALTORS® get paid too much, your business is also very likely to fail. Argue with me all you want—there’s a giant graveyard full of terribly spelled URLs from the out-of-business disruptors that preceded you.
If your business model is based on the idea that an institution’s processes can be improved, their time and money can be saved, or that their consumers can be even better served, you have a good chance. If this is true, think about how you might collaborate with these institutions to move forward.
The Industry Relation Podcast is now available on you favorite podcast player!
In this episode of Industry Relations, Rob and Greg recap the 2025 NAR Midyear Meetings in Washington, D.C., discussing key industry developments, MLS policy changes, and behind-the-scenes dynamics. Topics include the repeal of the commingling ban, updates to NAR’s controversial 10-5 speech policy, and ongoing MLS consolidation. They also cover vendor presence, association politics, and speculation around leadership changes in CMLS.
Key Takeaways
Compass “Protest” at Midyear – Greg recounts organizing a publicity stunt in front of Compass’s hotel to promote Tuesday.com
Repeal of Co-mingling Ban – Discussion on how NAR’s removal of the commingling restriction could impact listing syndication and MLS relevance.
10-5 Policy Changes – Rob and Greg unpack the revision of NAR’s hate speech rule, its political implications, and the proposal for a “conduct unbecoming” clause.
MLS Consolidation – A growing theme from the meetings was consolidation, with T3 data showing Bright MLS now leading in subscriber count.
CMLS Leadership Transition – With Denee Evans stepping down, the episode explores possible successors and whether CMLS and RESO should consider a merger.
Policy Governance Shifts – Signs point to NAR possibly stepping back from MLS policy-making, sparking conversation about which organization might take that role.
Vendor and Trade Show Insights – Observations about reduced vendor presence and the challenges for newer tech companies trying to break into the space.
Affordability and Market Outlook – Brief discussion on macro issues like tariffs, political shifts, and whether the real estate market is moving toward a buyer’s market.
Did you miss the “Rally for the MLS”? After being moved by hotel security Cole Boyer, CEO of Tuesday, took to the sidewalk right before the MLS Forum meeting took place at the Marriott Marquis.
Just for fun, I put together this video using the images folks sent me from the event. Hope you enjoy it!
My thanks to Styldod for sponsoring this month’s Vendor Alley. Styldod is “redefining listing creation.”
I’ve written before about how great AI can feel like magic—Styldod is magic. MLS organizations can transform listing creation with AI-driven efficiency, ensuring compliance, enhancing media quality, and enriching data.
Recently, they hired RE.net alum and industry veteran Todd Carpenter. Todd and I had a few conversations, and I know readers will be excited to hear his thoughts on where Styldod fits into the industry.
