Where Real Estate Gets Its Dirt

Hanna List, Compass, and the Consolidation Question

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

Overview

Rob and Greg discuss the implications of Howard Hanna’s “Hanna List” and whether private listing strategies represent a broader shift in real estate brokerage competition. The conversation centers on whether these moves signal an industry-wide trend toward consolidation or whether they are simply outliers driven by unique companies with large market share. They also debate the strategic motivations behind Compass’s acquisition of Anywhere, the role of private listing networks in recruiting and retention, and whether smaller brokerages can compete if large firms leverage exclusive inventory to attract agents. 

Key Takeaways

  • Greg criticizes the “Hanna List” branding and argues Howard Hanna’s strategy may not be representative of broader industry trends because of its unique market dominance. 
  • Rob suggests the Compass–Anywhere deal could trigger consolidation, noting that Compass now dwarfs competitors in scale. 
  • Greg argues competitors may take a wait-and-see approach, questioning whether Compass can successfully execute its strategy and integrate multiple brands. 
  • The hosts discuss whether private listing networks are primarily about recruiting advantage rather than consumer strategy. 
  • Rob argues that controlling listing inventory can translate into recruiting leverage and potentially reshape brokerage competition. 
  • Greg counters that many agents prioritize culture, independence, and commission structure, meaning scale alone may not determine recruiting outcomes. 
  • They conclude that whether private listings trigger widespread consolidation will depend on consumer demand, execution by large brokerages, and regulatory responses. 

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

The wedding is off

RESO and CMLS

“Following that work, RESO and CMLS have concluded those discussions and made the shared decision not to move forward with forming a new combined organization.

This decision reflects a disciplined evaluation of how best to serve our respective missions and the broader real estate marketplace. Throughout this process, leaders from both organizations engaged in meaningful dialogue about how advocacy, standards, and industry leadership might be brought together in new ways. While we identified areas of strong alignment, we also recognized that the structural and governance considerations required to move forward did not ultimately support creating a single new entity at this time.”

Probably for the best. Lots of question remain.

See you in Tucson

#clareity

CRMLS expands RealReports partnership

California Regional MLS to Offer RealReports, the AI-powered “Carfax for Homes,” to All Users as No-Cost Core Product

“We were excited to see how many of our Associations jumped at the opportunity to offer RealReports, so it felt like it was due time to offer it to every real estate professional we represent,” said CRMLS CEO Art Carter. “Agents and brokers are constantly adapting to being even more efficient and more knowledgeable in an ever-increasingly demanding market. RealReports helps with the heavy lift of going through documents, pulling the most vital and valuable information, and making it easy to present to clients.”

I’ve got a soft spot in my heart for PDFs and online reports.

Scott Quinn joins Cotality

Cotality welcomes Scott Quinn to the Real Estate Solutions team

“I’m delighted to have Scott join our team,” said Kelly Robinson, Head of Client Success at Cotality Real Estate Solutions. “Scott brings a wealth of industry knowledge and a genuine passion for client success. I’m excited about how his experience will help us deepen partnerships and advance our commitment to client satisfaction.” 

Congrats to Scott and Cotality.

Rethinking Ownership: Brett Humphrey on Co-Owning Homes

The Listing Bits Podcast is now available on your favorite podcast player!

Overview

Greg Robertson sits down with Brett Humphrey, founder of Joynt, to discuss a new approach to housing affordability through co-ownership. Brett shares his background as a longtime software developer and entrepreneur, including selling a consulting business to Accenture before launching Joynt. The conversation explores how shared home ownership could help address affordability challenges by allowing multiple buyers to jointly purchase and manage property, along with the technical and legal infrastructure required to make that process safe and practical.

Key Takeaways

  • Founder background: Brett Humphrey spent decades as a software engineer and consultant before launching Joynt, an idea he had been considering since the early 2000s.
  • Affordability challenge: The core problem Joynt aims to address is housing affordability, particularly in expensive markets like Southern California.
  • Co-ownership model: Joynt enables multiple parties to co-own a home, providing tools and frameworks to handle ownership structure, responsibilities, and ongoing management.
  • Making co-ownership practical: The platform focuses on reducing the complexity and risk of shared ownership by providing software tools and structured agreements.
  • Shift in industry thinking: The discussion highlights the need for the real estate industry to think beyond traditional home purchases and consider alternative ownership models.
  • Timing and market conditions: Rising home prices and affordability pressures make shared ownership models increasingly relevant.

Links

  • Joynt – https://joynt.com
  • Brett Humphrey – brett@joynt.com
  • General inquiries – hello@joynt.com

Sponsors

Aligned Showings — MLS-owned showing software built to simplify scheduling, improve communication, and keep MLS data where it belongs.

Giant Steps Job Board – Built for organized real estate and PropTech, not generic tech bros and recruiters who don’t know what an MLS is.

Production and editing services by:

Sunbound Studios

35 is the new 40

First-time homebuyers, rejoice!

“There’s just one problem: The death of the thirtysomething homebuyer may have been greatly exaggerated. A new analysis from Redfin, shared exclusively with Business Insider, found that the median age of the first-time buyer last year was 35 — a slight decrease from the year prior. It adds to the growing pile of evidence that the new median of 40 was a mirage. While millennials, now 29 to 45, generally lag behind boomers on the homeownership front, the purchasing milestone hasn’t shifted nearly as much as the NAR report suggests.”

Fascinating reporting by James Rodriguez of Business Insider based on new data from Redfin and other sources. James, to me, is one of the rare writers outside the ORE bubble who seems to really get our business.

There is a bit of quibbling between NAR and other organizations that conduct surveys. But it seems the narrative might need adjusting.

“Because no data source is perfect, what you really want to do is say, What is the bulk of the evidence showing me?” Zhao tells me. “When we compare our results to analyses that other people have done looking at credit bureau data or mortgage data, it seems to support the idea that the age of the first-time buyer has not increased all that much.”

This is important because national policy is being shaped by these narratives getting out. Worth the read.

VestaPlus [Sponsor]

Nobody gets into the MLS business because they love compliance. It lives in policy manuals and staff workflows…invisible, until something breaks.

A broker questions inconsistent enforcement. Bad data circulates. Two similar listings get treated differently, and suddenly…boom… everyone has an opinion.

The real risk isn’t a single bad listing. It’s the slow erosion of confidence in whether enforcement is fair, consistent, or even possible at scale.

That’s why I paid attention when ARMLS chose CheckMate. ARMLS isn’t prone to shiny-object decisions — when they adopt operational infrastructure, it’s deliberate and worth understanding why.

What CheckMate offers: daily listing scans instead of periodic sweeps, AI-assisted photo review, centralized violation and fine tracking, and configurable rules aligned to each MLS’s specific policies.

None of that is flashy. That’s the point.

Consistency protects credibility. When enforcement feels predictable, complaints go down. When data quality improves, confidence in the marketplace follows.

Compliance done well fades into the background. Done poorly, it becomes the headline.

Most MLS leaders would strongly prefer the former.

My thanks to VestaPlus for sponsoring this month of Vendor Alley.

Inside the NAR Influencer Summit

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

Overview

Rob Hahn and Greg Robertson discuss their experience attending the NAR Influencer Summit in Chicago, where they met with NAR leadership and staff to hear about the organization’s strategic direction and turnaround plan. The conversation covers leadership changes, cost-cutting efforts, and the broader challenges facing the National Association of Realtors. Rob argues that the organization faces deeper structural problems—particularly around its value proposition and governance—while Greg is cautiously optimistic that new leadership could help move the industry forward. The episode also explores NAR’s relationship with MLS organizations, the difficulty associations face in “de-risking” from MLS dependence, and the need to identify services members are actually willing to pay for. 

Key Takeaways

  • Rob and Greg attended the NAR Influencer Summit in Chicago, where leadership presented their strategic plan and invited questions from attendees. 
  • NAR leadership highlighted cost-cutting measures, including staff reductions of roughly 14–20%, as part of broader turnaround efforts. 
  • Rob says meeting CEO Nykia Wright in person changed his impression, noting her stronger presence and leadership than he expected. 
  • The hosts debate whether NAR’s challenges are incremental problems or a deeper structural crisis tied to governance and leadership dynamics. 
  • A central issue discussed is NAR’s value proposition—particularly whether agents would voluntarily pay to join if MLS access and other structural ties changed. 
  • Lobbying remains one of the strongest arguments for NAR’s value, though Rob argues it suffers from a “free rider” problem where non-members benefit as well. 
  • Greg raises concerns about how local associations can reduce reliance on MLS revenue without clear alternative funding models. 
  • Both hosts discuss the role of volunteer leadership in shaping strategy and whether structural reforms may be needed to move the organization forward. 
  • The episode ends with a debate about NAR’s stated goal of advancing Americans’ ability to own real estate and what policy implications that might carry. 

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

And Then There Were 484

MLS, local association counts drop as consolidation accelerates

“This is not cyclical contraction, it’s structural consolidation. Rising legal and compliance pressures have made scale essential. Regionalization is how organized real estate manages risk, invests in technology and ensures long-term viability.” — Clint Skutchan, SVP of Organized Real Estate, T3 Sixty

For the first time ever, the U.S. has fewer than 500 MLSs. 484, as of December 31st. Down 30 from the prior year — a 5.8% drop, the steepest on record. And a decade ago? North of 850.

The Texas numbers are wild. Six MLSs and eight associations gone in a single year, mostly because a statewide Realtor program that had been offering MLS services quietly folded. One state. One-third of all closings nationwide.

For vendors, the math here is uncomfortable but simple: your addressable market just got smaller again. It’s been getting smaller for years, but we’re now past a psychological threshold that’s hard to ignore.

The silver lining — if you want one — is that the MLSs surviving this consolidation are bigger, better funded, and increasingly capable of actually buying things. Twenty MLSs generate roughly half the sector’s revenue. Those are real customers with real budgets.

But if your pipeline is full of small regionals you’ve been nurturing for years… some of those conversations may have a different kind of deadline than you think.

Clint’s right. This isn’t a cycle. It’s a new shape.

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