Compass and Zillow Play Chicken

Release Date: 11/26/2025

MLS Independence, AI and talking to portals.

Industry Relations

The Industry Relations Podcast is now available on your favorite podcast player! Overview Rob and Greg discuss MLS autonomy and whether smaller organizations are truly positioned to handle independence from NAR. They examine legal exposure, slow consolidation, and the financial vulnerability of small MLSs. The conversation shifts to AI—highlighting Homes.com’s new voice search experience—and what rapid innovation means for brokers, MLSs, infrastructure, and data access moving forward. Key Takeaways MLS consolidation is happening slowly, but smaller MLSs may face increasing legal...

Can the MLS Keep Up with AI?

Industry Relations

The Industry Relations Podcast is now available on your favorite podcast player! Overview Rob and Greg recap MLS Reset, discussing key themes that emerged from the event — including the growing urgency around AI, governance challenges within MLS organizations, and whether the industry is structurally capable of adapting to rapid technological change. The conversation explores the implications of AI on MLS staffing, vendor relationships, compliance, data control, and long-term organizational viability. They also debate whether the traditional industry model — boards, committees, slow...

Zillow’s win sends Compass spinning

Industry Relations

The Industry Relations Podcast is now available on your favorite podcast player! Overview Rob and Greg go live to break down major news shaking real estate tech: a judge rules decisively in Zillow’s favor against Compass’s injunction, reshaping the conversation around exclusive listings and distribution. They also recap Inman, including leadership perspectives, vendor pitches, and the ongoing debate around AI’s role in real estate—optimism mixed with caution. Key Takeaways Zillow wins the injunction: The court blocks Compass’s attempt to stop Zillow from enforcing its listing...

Jack Miller on Lists, Trends, Marketplaces and CoStar.

Industry Relations

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

Can You Regulate “Public Marketing”?

Industry Relations

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

Compass Closes, CoStar Cuts, TAN Stirs the Pot.

Industry Relations

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

What if the MLS Becomes Optional?

Industry Relations

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

Forecast 2026: Mortgage Rates, MLS Wars, and Industry Consolidations

Industry Relations

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...

2025 in the Rearview: Who Got It Right?

Industry Relations

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 2024 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...

Who Runs Bartertown?

Industry Relations

The Industry Relations Podcast is now available on your favorite podcast player! Overview Rob Hahn and Greg Robertson dig into the escalating conflict between Zillow and MRED over private listing networks (PLNs), IDX rules, and Zillow’s Listing Access Standards (ZLAS). What starts as a dispute over listing visibility quickly becomes a deeper conversation about power: who ultimately controls listing data—the MLS or the portal? The episode explores MRED’s emails to brokers, Zillow’s outreach for direct feeds, potential January disruptions, and why this fight could set a precedent for...

More Episodes

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

Overview

In this episode, Rob and Greg dive into the newly surfaced Zillow–Compass court documents, a leaked Zillow strategy plan, and Mike DelPrete’s analysis of the preliminary injunction hearing. They also discuss the broader market context—from the real cost of living in 2025 to generational tension—and debate whether the lawsuit will meaningfully change industry behavior. The conversation closes with predictions, stakes, and possible compromise paths between Compass and Zillow.

Key Takeaways

A “must-read” macro article kicks off the show.

Rob discusses a Substack piece on the U.S. poverty line and how outdated metrics distort today’s economic reality. Zillow and housing affordability tie back into the industry.
The leaked Zillow strat plan is unusually strong.

Both hosts agree the internal document is one of the most robust strategic plans seen in real estate, showing detailed situational analysis and clear tactical pathways. MLSs should study its structure.
Compass vs. Zillow: The PI hearing matters.

Rob argues the preliminary injunction ruling may reshape industry norms more than the eventual trial. If Compass wins, Zillow may need to pivot fast. If Zillow wins, Compass may face recruiting and retention issues.
DelPrete’s takeaway: “Nothing will change.”

Greg leans toward this view, citing industry inertia. Rob disagrees, pointing to long-term structural shifts like MLS loss of compensation and NAR’s diminishing relevance.
Broker exclusives and 3PM are the core battle.

The debate centers on whether private/preview listings harm consumers or empower brokers. Greg doubts the model’s long-term viability; Rob sees competitive incentives that could drive proliferation.
Potential compromise ideas emerge.

The hosts float options such as removing Days on Zillow, hiding public price-change history, or creating a paid Zillow product for private listings. No clear middle ground exists yet.
Predictions and a steak-dinner bet.

Both tentatively lean toward Compass having a better storytelling advantage in court, though the outcome is far from certain.