Industry Relations with Rob Hahn and Greg Robertson
Rob Hahn a.k.a. The Notorious R.O.B. and Greg Robertson discuss organized real estate in a disorganized manner.
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Industry Relations Episode 49: Why So-Called Disruptors Just Can’t Change Real Estate
07/24/2020
Industry Relations Episode 49: Why So-Called Disruptors Just Can’t Change Real Estate
For every tech platform that sets out to disrupt real estate, there’s a story of slow evolution to working with brokers and agents. And while companies like Zillow, Opendoor, and Offerpad have brought about minor changes to the home buying process, they always end up morphing into our traditional system. Why is it that these so-called disruptors just can’t change the way we do real estate? In this episode of Industry Relations, Rob and Greg are exploring why would-be disruptors have such a hard time changing real estate. Greg walks us through his five-stages-of-grief analogy around how tech platforms always end up working with brokers and agents, and Rob compares real estate with the auto industry, reflecting on how little buying processes have changed despite advancements in technology. Rob and Greg go on to introduce the idea that the human connection is what prevents tech disruptors from succeeding in our industry, speculating that agent teams have been the biggest disruptor in real estate in recent years. Listen in for insight on how human knowledge and connection factor into making tech platforms successful and learn why the human need for approval is not disruptable. What’s Discussed: Rob’s take on the two possible reasons why disruptors have trouble in real estate --System has been perfected over time --Entrenched infrastructure (need billions to play) Greg’s five-stages-of-grief analogy re: how disruptors end up working with agents The similarities and differences between real estate and the auto industry --Way we buy + sell changed little in spite of technology --Remember dealership but not broker (agents ≠ employees) How technology has expanded consumer knowledge around price, inventory, etc. Greg’s insight that real estate tech disruptors struggle because they lack human connection Why agent teams have been the biggest disruptor in real estate in recent years How Zillow has evolved its Zestimate algorithm to include human knowledge Why Rob believes that our human need for approval is not disruptable What makes Zillow the most likely platform to cause true disruption in real estate The Tom Ferry study around top agents living paycheck to paycheck Connect with Rob and Greg: Resources: Our Sponsors:
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Industry Relations Episode 48: Industry Relations Episode 48: Networking in a Virtual World & the 2020 MLS Proptech Symposium
06/29/2020
Industry Relations Episode 48: Industry Relations Episode 48: Networking in a Virtual World & the 2020 MLS Proptech Symposium
Long-distance relationships are never easy. And if you’re part of the traveling circus that is the real estate conference circuit, you may be struggling to keep your professional relationships going in a virtual environment. Would being an orc help? On this episode of Industry Relations, Rob and Greg are discussing the current pause in the real estate conference and trade show circuit and mourning the loss of chance meetings that don’t happen in a virtual environment. They explore why massively multiplayer online games (MMOs) like World of Warcraft work to create community and how real estate might replicate that always-on culture until the conference circuit comes back. Rob and Greg go on to cover the challenge of sustaining long-distance relationships in an online world, explaining why we just can’t duplicate face-to-face interaction at virtual events. Listen in for insight on how going virtual is impacting MLSs, associations, and vendors and learn about the possibility for a 2020 MLS Proptech Symposium (which Rob wants to rename to the “2020 MLS Herd Symposium”) that would help sponsors make decisions about the feasibility of their own fiscal events. What’s Discussed: The current halt to the real estate conference/trade show circuit What Greg covers in his forthcoming book, The Art of the CMA The chance meetings that don’t happen in a virtual environment Why we can’t duplicate face-to-face interaction through virtual events The challenge of sustaining long-distance business/personal relationships Why MMO games work to create community + how real estate might replicate that always-on culture When the real estate conference circuit will come back The impact of going virtual for MLS and association communities --Increased engagement and attendance --Eliminates serendipity of networking How new vendors might build trust in the absence of in-person interaction What we can do to gauge circuit response to physical events Connect with Rob and Greg: Resources: Our Sponsors:
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Industry Relations Episode 47: 3 Predictions for the Future of Real Estate – with Errol Samuelson
05/28/2020
Industry Relations Episode 47: 3 Predictions for the Future of Real Estate – with Errol Samuelson
The Coronavirus forced many of us to work from home, leveraging technology to do our jobs remotely. Not only has this made us more comfortable with digital tools, it has us rethinking the need to commute to our offices on a daily basis. So, what do these changes mean for the real estate industry? On this episode, , Chief Industry Development Officer at Zillow, joins Rob and Greg to share his top predictions around the post-pandemic future of real estate. He explores how commercial real estate is likely to change in light of COVID-19 and speaks to the potential to make transactions 100% digital moving forward. Errol weighs in on how different geographies experienced the pandemic in different ways and how he thinks about the crisis’ potential long-term psychological impact. Listen in as Errol shares Zillow’s most recent stats on the changing consumer preferences for homes and learn how our growing comfort with virtualization will impact the way brokers and agents do business in the future. What’s Discussed: Errol’s top predictions re: the post-pandemic future of real estate How commercial real estate will change in light of COVID-19 The potential to make real estate transactions 100% digital The accelerated consumer use of digital tools in the home search process How Errol thinks about the possibility of virtual appraisals How virtualization is likely to impact brokers and agents Zillow’s stats on how working from home is shifting consumer preferences How cities may look different in a post-pandemic world The possibility for COVID-19 to have a long-term psychological impact How different geographies experienced this pandemic in different ways What sci-fi technology is likely to change real estate in the near future How Zoom is driving changes in the way we communicate Connect with Errol: Connect with Rob and Greg: Resources: Our Sponsors:
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Industry Relations Episode 46: What’s Next for Real Estate—After COVID?
05/11/2020
Industry Relations Episode 46: What’s Next for Real Estate—After COVID?
Last week, Rob & Greg imagined what the future of real estate might look like in the aftermath of the pandemic, pending a best-case scenario. Today, they get real about what’s ahead for the industry given the reality of our current circumstances. And they’re bringing on a number of industry stakeholders to offer their outlook as well. On this episode of Industry Relations, Rob and Greg are leading a group chat around what’s next for real estate as the Coronavirus pandemic plays out. The group offers predictions on how the MLS landscape may change, debating whether it’s the number of MLSs or the number of MLS databases that really matters and offering examples of hybrid solutions that may serve as a model for the future. Greg and Rob go on to solicit the group’s thoughts on the potential shape of the recovery curve and the possibility of a shift to a buyer’s market in 2021. Finally, they explain why an increase in property taxes is likely in the aftermath of the COVID-19 bailout and how that might impact buyer demand in the real estate market. Listen in for insight on Open House numbers in states where stay-at-home orders have been lifted and learn how those stats might be a good sign for other industries. What’s Discussed: A review of what Rob & Greg covered in their best-case discussion Greg, Clint Skutchan, & John’s predictions re: the number of MLSs by 2023 Why the consolidation of data is more important than the total number of MLSs Tim Dain’s vision of a future with ten or fewer MLS databases that talk to each other How the pandemic demonstrates the industry’s underutilization of telecommunication Why Georgia is watching the commercial market for clues re: the future of residential Georgia’s concept of a J-shaped recovery Why Joshua Lopour is predicting a buyer’s market in 2021 Why Greg expects a best-case scenario uptick in buyer demand Why property taxes are likely to increase and how that might impact buyer demand The significant uptick in Open Houses scheduled in states where stay-at-home orders have been lifted How Open House numbers may be a good sign for other industries Connect with Rob and Greg: Resources: Our Sponsors:
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Industry Relations Episode 45: Best-Case Predictions for Real Estate Post-COVID
04/15/2020
Industry Relations Episode 45: Best-Case Predictions for Real Estate Post-COVID
Imagine a best-case scenario in which the Coronavirus is under control and the country is up and running by May 1. How have our social norms changed? What do these cultural shifts mean for organized real estate? And how is the industry different in a post-COVID-19 world? On this episode of Industry Relations, Rob and Greg get relentlessly positive, discussing the post-Coronavirus landscape of the real estate industry should the best happen. They weigh in on the cultural shifts that are likely to occur in the aftermath of COVID-19, predicting which rituals will persist once the current restrictions have been lifted. Greg and Rob go on to debate what open houses will look like in a post-pandemic world, why showings may (or may not) be restricted to serious buyers, and when we might be back to pre-COVID transaction levels. Listen in for our hosts’ best-case expectations regarding buyer demand as well as NAR membership and brokerage numbers come September—pending a V-shaped recovery. What’s Discussed: Rob & Greg’s parameters for this potential best-case scenario Vaccine or cure for virus (no resurgence) All restrictions lifted, back to work on 5/1 How the culture is likely to shift in the aftermath of COVID-19 What open houses will look like in a post-Coronavirus world Why Rob believes showings will be restricted to serious buyers When we might be back to pre-pandemic transaction levels Why Greg expects a best-case scenario uptick in buyer demand Rob’s prediction of a 20% drop in first-time homebuyers Why Rob & Greg anticipate a 20% decline in NAR membership How Rob & Greg differ around which agents will leave The potential for 25% of small brokerages to join a larger team Connect with Rob and Greg: Our Sponsors:
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Industry Relations Episode 44: What Forbearance Means for Mortgage Markets – with Rob Chrisman
04/10/2020
Industry Relations Episode 44: What Forbearance Means for Mortgage Markets – with Rob Chrisman
On the surface, the government’s effort to support homeowners through forbearance is a good thing. Many Americans have lost their jobs because of the Coronavirus pandemic and simply don’t have the resources to make a mortgage payment right now. But what does this mean for the servicing industry? Why are lenders concerned about the unintended consequences of Washington’s response? On this episode of Industry Relations, mortgage banking expert joins Rob and Greg to discuss what’s happening in the capital markets as a result of the Coronavirus shutdown. He walks us through how a mortgage functions as a product, explaining the relationship between the servicer and the end investor in a mortgage-backed security or MBS. Rob C. addresses how government forbearance for borrowers will impact big banks as well as smaller, independent lenders and weighs in on Ginnie Mae’s promise to back nonbank servicers lacking the capital to pay investors. Listen in to understand how the Federal Reserve’s activity in the MBS market affects mortgage servicers and learn why the lending system is not broken despite the changes imposed by the health crisis. What’s Discussed: Rob C.’s background in mortgage banking + understanding of capital markets How a mortgage functions as a product manufactured and sold to a buyer The relationship between a mortgage servicer and the end investor How government forbearance due to COVID-19 impacts mortgage servicers Ginnie Mae’s promise to back nonbank servicers lacking capital to pay investors How current circumstances compare to the 2008 recession The tens of billions of servicers will owe in margin calls due to the MBS price increase The consequences of the Federal Reserve’s activity in the MBS market Why the non-QM and jumbo loan markets are on life support Why Rob C. is predicting a V-shaped recovery for residential lending How underwriting guidelines have changed in light of the global shutdown Why property values are unlikely to take a dive across the board Connect with Rob Chrisman: Connect with Rob and Greg: Our Sponsors:
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Industry Relations Episode 43: Black Swan
03/16/2020
Industry Relations Episode 43: Black Swan
No one in the real estate industry planned for a global pandemic to hit in 2020. So, what does a black swan event like the Coronavirus mean for agents, brokerages, associations, MLSs and vendors? How does the potential economic effect of COVID-19 parallel the virus itself? On this episode of Industry Relations, Rob and Greg are discussing the short- and long-term impact the Coronavirus is likely to have on the real estate industry. They explain how fear and uncertainty might hurt the housing market over the next several months and explore the opportunity the pandemic presents for models like Redfin and Opendoor as well as investors with deep pockets. Greg and Rob go on to consider how the cancellation of real estate conferences will cause a domino effect through many other industries and which brokerages, agents and vendors won’t be able to survive this kind of pause in business. Listen in for insight on the serious flaws in our economic system exposed by the health crisis and learn how embracing a little of the prepper mentality can help us respond and adjust to a black swan event like the Coronavirus. What’s Discussed: The short-term impact Coronavirus might have on the housing market Buyers take wait-and-see approach Retreat of first-time homebuyers The potential opportunity for models like Redfin and Opendoor How investors are likely to take advantage of low-interest rates The cancellation of real estate events and its domino effect through other industries How the economic fallout of the Coronavirus parallels the virus itself The brokerages, agents and vendors who may not survive a pause in business How the pandemic exposes flaws in our economic and healthcare systems Rob’s insight around manufacturing necessities here in the US The pros and cons of having the world’s reserve currency Embracing the prepper mentality to survive unforeseen circumstances Connect with Rob and Greg: Resources: Our Sponsors:
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Industry Relations Episode 42: The Incumbent Wars Have Begun!
02/28/2020
Industry Relations Episode 42: The Incumbent Wars Have Begun!
What does organized real estate look like in 2030? Who is winning? Incumbent brokerages are betting on the recruit-and-retain model that has worked for the last several decades, doubling down on the agent’s sphere as their primary source of leads. Disruptors are betting on a world where the agent matters less than the brand itself, where realtors are only responsible for service delivery and leads are generated entirely through the institution’s online platform. Who is your money on? In this episode of Industry Relations, Rob and Greg are discussing the themes that came up at Inman’s CEO Connect and the confidence incumbent brokerages have in their ability to outlast market disruptors. They cover the advantages incumbents boast in terms of scale and profitability, exploring whether industry giants are truly all-in on technology and the iBuyer models—or if they’re adding those initiatives simply to overcome agent objections. Greg and Rob go on to consider a potential decline in the number of agents by the end of this decade and explain why agent teams continue to pose the greatest threat to brokerages. Listen in for insight around how key players in other industries have leveraged the power of incumbency to compete with disruptors and place your bet on either the agent-centric incumbent brokerages OR the institution-focused disruptors. What’s Discussed: The advantages incumbent brokerages have in terms of scale + profitability Adopting new tech as a marketing ploy to bolster a brokerage’s value prop to agents Why many brokerages chose to partner with rather than acquire iBuyers Why successful brokerages can do everything right and still lose market leadership How key players in the automotive industry have leveraged the power of incumbency The fundamental difference between real estate incumbents and disruptors Agent-centric, focused on recruiting/retention vs. institution-centric Agents as lead source vs. service delivery only How the future of real estate will continue to be dominated by agent teams Why the number of agents is likely to drop to 400K by the end of the decade Connect with Rob and Greg: Resources: Our Sponsors:
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Industry Relations Episode 41: Implementing Ocho, MLS Vendors & the #MLSBHAG Challenge
02/28/2020
Industry Relations Episode 41: Implementing Ocho, MLS Vendors & the #MLSBHAG Challenge
At present, MLSs are run like nonprofits. And without a way to raise capital, industry executives limit their vision based on the resources at hand. But what if there were no constraints? What kind of Big Hairy Audacious Goals could MLSs pursue with funding from deep-pocketed venture investors? In this episode of Industry Relations, Rob and Greg are challenging MLS execs to consider what they would do differently with access to significant capital. Greg weighs in on the discussions around implementing the (otherwise known as Ocho) that took place at , describing how the differences among individual MLSs will inform its implementation. Greg and Rob go on to discuss how the challenges associated with switching MLS vendors benefit incumbents and why most MLSs adopt a system of choice approach to consolidation. Listen in for Rob’s take on how MLS execs constrain their vision based on the resources available and take up Greg’s challenge to think about what you would do differently with $5M, $50M or even $500M. What’s Discussed: The discussion regarding how to implement the Clear Cooperation Policy at Inman Connect How Ocho impacts Compass’ strategy for differentiating its listings How the differences among MLS Coming Soon policies will inform Ocho’s implementation The possibilities for interpretation around what qualifies as marketing How the challenges associated with switching vendors benefit incumbent MLSs What’s behind the system of choice approach adopted by most MLSs Why Rob contends that MLS execs constrain their vision based on resources NAR as a trade organization vs. the MLS as a tech product + service provider Greg’s challenge for MLS execs to consider what they would do with access to capital Connect with Rob and Greg: Resources: Our Sponsors:
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Industry Relations Episode 41: 10 Defining Moments & Trends in the Last Decade of Real Estate
12/20/2019
Industry Relations Episode 41: 10 Defining Moments & Trends in the Last Decade of Real Estate
On January 1, 2010, organized real estate was still reeling from the recession. Dale Stinton was steering the ship at NAR. Zillow was seen as the enemy of the MLS. Real estate software was meh. Agent teams were rare. Nearly all brokerages took a split. Selling your house online seemed outrageous. And we still signed documents in pen. On this episode of Industry Relations, Rob and Greg are looking back at the last 10 years in real estate. They discuss the passing NAR’s , debating the significance of the office exclusives loophole and how it might lead to government involvement. Our hosts also express their disappointment around the Newsday investigation in Long Island, , challenging brokerage leadership to make a strong statement against the egregious racism it uncovered. Greg and Rob go on to share their top 10 defining moments and trends with the biggest impact on the industry over the last decade, describing how the rise of agent teams, 100% commission brokerages, the iBuyer model and consolidation have transformed organized real estate. Listen in for insight into how NAR’s decision to fund RPR and Upstream changed the way the MLS saw Zillow and explore how the space has evolved from 2010 through the end of 2019. What’s Discussed: NAR’s passing of the Rob & Greg’s take on the in Long Island How the loophole in 8.0 could lead to government involvement The 10 defining trends/events in the last decade of real estate The end of poorly designed software The rise and domination of agent teams The transition in leadership at NAR Opendoor pioneering the iBuyer model Zillow’s acquisition of Trulia 100% commission brokerages Consolidation and the influx of capital The practice of buying agents/agent teams The mainstreaming of digital signatures NAR’s decision to fund RPR + Upstream Connect with Rob and Greg: Resources: Our Sponsors:
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Industry Relations Episode 39: Does MLS Policy Statement 8.0 Do Enough to End Exclusive Listings?
10/09/2019
Industry Relations Episode 39: Does MLS Policy Statement 8.0 Do Enough to End Exclusive Listings?
It’s our CMLS Conference Pre-Show Podcast! In an effort to curb the rampant growth of Coming Soon listings, NAR’s Multiple Listing Issues and Policies Committee has issued a proposal to clarify the Clear Cooperation Policy. But will the guidelines actually put an end to pocket listings? Are the rules a good compromise? Or should the MLS die on the hill of all-or-nothing, requiring members to list there first? On this episode of Industry Relations, Rob and Greg discuss NAR’s draft , exploring whether the guidelines go far enough in preventing exclusive listings. Rob explains why the 24-hour submission window and the concession around office exclusives are a problem, arguing that the MLS must take a stand NOW to establish itself as the primary marketplace for property listings. Greg challenges Rob’s view that the MLS is not already the primary marketplace, applauding the 24-hour window as a reasonable and clever compromise and arguing that pocket listings are a breach of fiduciary duty. Listen in to understand Rob’s proposal to extend the all-in IDX rules to MLS membership as a whole and consider how Policy Statement 8.0 will (or will not) impact the pocket listing strategies employed by large national brokerages. What’s Discussed: Rob’s take that NAR MLS Policy 8.0 doesn’t go far enough 24-hour submission window Office exclusives not prohibited Whether the MLS is the marketplace or a data repository The potential confusion around one-to-one communication What does and does not qualify as marketing under 8.0 Greg’s view of the 24-hour window as a clever compromise How Rob defines a primary marketplace as first-in-time Greg’s challenge that 70% of deals qualifies as ‘primary’ Why Greg sees pocket listings as a code of ethics issue Extending IDX all-in rules to MLS membership as a whole How exclusive listings benefit large national brokerages Connect with Rob and Greg: Resources: Our Sponsors:
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Industry Relations Episode 38: What the Tinder-ization of Everything Means for Real Estate
10/02/2019
Industry Relations Episode 38: What the Tinder-ization of Everything Means for Real Estate
Tremors, in and of themselves, cause minimal damage. But sometimes those tremors are the precursor to something a whole lot bigger. Organized real estate is ripe with these little shakeups, and whether you’re a brokerage, franchiser, vendor, portal or agent, the Tinder-ization of everything WILL impact your business. It’s already changing the way we generate leads and may very well eliminate outbound marketing as a viable option. On this episode of Industry Relations, Rob and Greg discuss a few of the current tremors making waves in organized real estate, starting with the allowing mobile carriers to block unknown callers. They explain how the iOS 13 update might impact lead generation and why inbound and content marketing will become crucial in light of these changes. Rob goes on to explore how the death of outbound marketing could make agent teams that much more important and challenges the idea that agents working with teams qualify as independent contractors under . Listen in for Greg’s insight around how high agent turnover impacts the way SaaS vendors do business and learn why nimbleness and brand recognition are key to survival in the real estate space. What’s Discussed: The new FCC rule allowing mobile carriers to block unknown callers How the iOS 13 update will impact lead generation in real estate Greg’s insight around the value of inbound + content marketing How the death of outbound marketing will make agent teams even more important The distinction between independent contracts and employees in Rob’s argument that team leads qualify as employers under AB-5 How 30% agent churn impacts the way real estate vendors do business Why SaaS companies in real estate must focus on customer experience The idea that every day is Day One in establishing brand recognition Why being nimble is the key to survival in the real estate industry Connect with Rob and Greg: Resources: Our Sponsors:
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Industry Relations Episode 37: Inman Connect Las Vegas Pre-Show – RealScout, Opendoor, Redfin and Coming Soon Listings
07/15/2019
Industry Relations Episode 37: Inman Connect Las Vegas Pre-Show – RealScout, Opendoor, Redfin and Coming Soon Listings
Fight! Fight! Fight! We’ve always been told that people love it when Rob and Greg argue. If that true, then we have one of the best Industry Relations Show ever! With Inman Connect Las Vegas on the horizon, Rob and Greg are facing off over the trend toward exclusive listings and the new Redfin-Opendoor partnership. What does the development of in-house listing programs mean for the industry? And how will the joint venture with Opendoor impact RedfinNow? Our intrepid hosts have very different answers to these questions. On this episode of Industry Relations, Rob and Greg are discussing the impact of systematic coming soon listings. Rob makes the argument that widespread adoption will take down the MLS, moving residential real estate to the commercial model. Greg makes the case that pocket listings are nothing new and challenges the idea that the MLS will become a ‘dumping ground’ for properties that haven’t sold privately. Rob and Greg also weigh in on the new partnership between Redfin and Opendoor. Listen in for Greg’s insight around why the collaboration is a genius move that benefits both parties and learn why Rob sees it as a huge concession on Redfin’s part—a concession that will eliminate their own iBuyer operations in each and every Opendoor market. What’s Discussed: What Rob & Greg are looking forward to most at Inman Connect Greg’s criticism of Rob’s recent posts on RealScout’s Buyer Graph Rob’s argument that coming soon programs will take down the MLS Greg’s counter that exclusive listings are not a new phenomenon How residential real estate may be moving to a commercial model Greg’s take on the brilliance of the Redfin & Opendoor partnership How the new partnership with Opendoor will impact RedfinNow Rob’s view of the partnership as a concession on the part of Redfin Connect with Rob and Greg: Resources: Our Sponsors:
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Industry Relations Episode 36: The Fundamental Flaws in the Traditional Brokerage Model
06/21/2019
Industry Relations Episode 36: The Fundamental Flaws in the Traditional Brokerage Model
Traditional brokerages got 99 problems. They’ve got to compete with iBuyers. They’ve got to compete with 100% commission models. They’ve got to innovate new products and services. They’ve got to figure out a way to make money off those products and services. And they’ve got to worry about potential industry regulations and the insane amount of capital flowing in to would-be disruptors. So, what can brokerages do to address the fundamental flaws in the traditional model—and survive the next five years? Today, Rob and Greg are discussing the top issues traditional brokerages face and what they can do about it. They address the implications around Compass’ renewed focus on product and Wall Street analyst John Campbell’s comments regarding the tipping point Realogy and other traditional brokerages face. Rob and Greg weigh in on the fact that brokerages LOSE money on top producers and the challenge of monetizing products and services for agents. Listen in for insight around the future of traditional models like that of Realogy and RE/MAX and learn how agents and brokerages might adapt to the disruptions facing the real estate industry. What’s Discussed: The public interest argument for representing the buyer’s side The implications around Compass’ renewed focus on product John Campbell’s comments on the tipping point Realogy faces The issues around productivity in a traditional brokerage model Why brokers need to make money through products + services How brokerage iBuyer initiatives are really listing lead programs Why Upstream doesn’t address the problems brokers face now The fundamental flaws in the traditional brokerage model The future of Realogy, RE/MAX, Redfin, eXp and Home Services What agents might do in a world with 60% iBuyer market share Connect with Rob and Greg: Resources:
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Industry Relations Episode 35: The DOJ’s Scrutiny of Cooperating Compensation
06/10/2019
Industry Relations Episode 35: The DOJ’s Scrutiny of Cooperating Compensation
Industry Relations has just been nominated by Inman News Innovator award under the INNOVATIVE VIDEO/PODCAST SHOW category! Thanks for everyone’s support! And now on with the show.... When Moehrl v. NAR was introduced in March, the industry response was largely… meh. Then in April, the Department of Justice reached out to the top MLS platform vendor, requiring documents and testimony about MLS data—with a specific focus on cooperating compensation. What is the DOJ likely to find? How might this information impact the class action suit? And what does it all mean for the real estate industry as a whole? Today, Rob and Greg are discussing the Civil Investigative Demand (CID) CoreLogic recently received from the DOJ. They address the possibility of getting compensation data in the absence of a search feature on the MLS and predict whether the DOJ will find buyer-steering to be a widespread phenomenon. Rob offers his take on why a directive requiring the disclosure of sold information would be more likely than new regulations, and Greg speculates that the industry is unlikely to stand by while the government eliminates cooperating compensation. Listen in to understand how the plaintiff attorneys in Moehrl v. NAR might use the DOJ’s findings and learn why organized real estate needs to take the lawsuit seriously. What’s Discussed: The Civil Investigative Demand CoreLogic received from the DOJ Getting compensation data without a feature search on the MLS What a DOJ study demonstrating buyer steering might achieve Why disclosure of sold info is more likely than new regulations How many brokers + agents script for the commission question How DOJ findings might be used by attorneys in Moehrl v. NAR How the Canadian Competition Bureau handled this issue The potential impact of eliminating cooperating compensation How it could take up to 10 years to resolve the class action case Connect with Rob and Greg: Resources:
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T3, GFK & the Unveiling of Redfin Direct
05/15/2019
T3, GFK & the Unveiling of Redfin Direct
Rob and Greg have often said that Redfin is the most important tech-centric brokerage that no one is talking about. Well, that is about to change with the company’s unveiling of Redfin Direct, a service allowing consumers to buy properties without representation. What’s behind Glenn Kelman’s move to give customers another ‘layer of choice’? And how might the real estate industry respond? Today, Rob and Greg are discussing the big players who spoke at the T3 Summit, from Rich Barton to Gary Keller to John Peyton. They describe the pervasive nature of brokerages talking strategically about competing with iBuyers and tech as well as the buzz around Art Carter’s call for a new type of organizational structure around the MLS. Greg speaks to the way ‘GFK’ won the room at T3 with his humor and authenticity, and Rob asks about the impetus behind Redfin Direct and how the industry might respond. Listen in for insight around how the program puts Redfin on the radar in a way it hasn’t been before and learn how Redfin Direct might work in conjunction with Redfin Now and the brokerage’s title and mortgage programs. What’s Discussed: Greg’s insight on the big players who spoke at the T3 Summit Art Carter’s call for a new type of MLS organizational structure The pervasive nature of brokerages addressing iBuyers + tech How Glenn Kelman ‘won the room’ with his authenticity at T3 The stark contrast between Redfin and Compass’ mission Greg’s take on Redfin Direct + the potential industry response The impetus behind Redfin Direct and how it was announced How Redfin Direct supports its title + mortgage programs How Redfin Direct puts the company on the industry’s radar Connect with Rob and Greg: Email Resources: Our Sponsors:
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T3, GFK & the Unveiling of Redfin Direct
05/15/2019
T3, GFK & the Unveiling of Redfin Direct
Rob and Greg have often said that Redfin is the most important tech-centric brokerage that no one is talking about. Well, that is about to change with the company’s unveiling of Redfin Direct, a service allowing consumers to buy properties without representation. What’s behind Glenn Kelman’s move to give customers another ‘layer of choice’? And how might the real estate industry respond? Today, Rob and Greg are discussing the big players who spoke at the T3 Summit, from Rich Barton to Gary Keller to John Peyton. They describe the pervasive nature of brokerages talking strategically about competing with iBuyers and tech as well as the buzz around Art Carter’s call for a new type of organizational structure around the MLS. Greg speaks to the way ‘GFK’ won the room at T3 with his humor and authenticity, and Rob asks about the impetus behind Redfin Direct and how the industry might respond. Listen in for insight around how the program puts Redfin on the radar in a way it hasn’t been before and learn how Redfin Direct might work in conjunction with Redfin Now and the brokerage’s title and mortgage programs. What’s Discussed: Greg’s insight on the big players who spoke at the T3 Summit Art Carter’s call for a new type of MLS organizational structure The pervasive nature of brokerages addressing iBuyers + tech How Glenn Kelman ‘won the room’ with his authenticity at T3 The stark contrast between Redfin and Compass’ mission Greg’s take on Redfin Direct + the potential industry response The impetus behind Redfin Direct and how it was announced How Redfin Direct supports its title + mortgage programs How Redfin Direct puts the company on the industry’s radar Connect with Rob and Greg: Email Resources: Our Sponsors:
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Zillow’s New Insight on the Unit Economics of the iBuyer
03/14/2019
Zillow’s New Insight on the Unit Economics of the iBuyer
To this point, we assumed that the iBuyer model would target homeowners willing to pay for convenience and that the average consumer would continue to employ a real estate agent—and earn more money for their patience. But Zillow’s Q4 numbers reflect that homeowners can actually make MORE selling to the platform than they would with a realtor. So, how does this information impact the potential market share of iBuyers moving forward? And how will it affect the way agents do business? Today, Rob and Greg are discussing the change in leadership at Zillow, debating the company’s performance under Spencer Rascoff and Richard Barton’s motivation to return as CEO. They explore the possibility of a merger between Opendoor and Zillow, uniting the former’s mastery of workflow with the latter’s proficiency at lead flow. Rob and Greg also speak to Redfin’s potential to adopt the iBuyer model and the way of thinking shared by Redfin and Opendoor. Listen in to understand the full implications of Zillow’s Q4 iBuyer unit economics learn how the iBuyer market may impact the industry in light of this new information. What’s Discussed: Barton’s motivation to return to Zillow as CEO Zillow’s performance under Rascoff’s leadership Opendoor’s complementary mastery of workflow Zillow’s hiring of Arik Prawer to run iBuyer operations The shared philosophy between Redfin and Opendoor The implications of Zillow’s Q4 iBuyer unit economics How iBuyer unit economics may impact realtors Connect with Rob and Greg: Resources: Our Sponsors:
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Is Gary Keller Mismanaging Expectations for the New KW Tech Platform?
03/10/2019
Is Gary Keller Mismanaging Expectations for the New KW Tech Platform?
Gary Keller made a series of very bold claims when he announced the launch of the new KW tech platform at January’s Family Reunion conference, even going so far as to say that ‘the race to build the first end-to-end real estate platform is over and everyone else is competing for second place.’ Today, Rob and Greg are discussing Keller’s comments, questioning the decision to set the bar so high and sharing Brian Boero’s take on Keller’s hubris as that of a master showman rallying the troops. Rob asks how we might measure the success of the KW tech platform and how much big-time investments in tech truly impact agent productivity. Rob and Greg also explore the idea that introducing new tech serves to ‘stop the bleeding,’ keeping agents and agent teams from leaving for tech centric brokerages like eXp. Listen in for insight around the performance of traditional brokerages that put big money in tech and learn why Rob believes the industry should stop fighting the last war and shift its focus to capital. What’s Discussed: The hype around the launch of the Keller Williams consumer app Boero’s take that Keller’s hubris is necessary to ‘rally the troops’ How we might measure the success of the KW tech platform The dismal numbers reported in Realogy’s recent earnings call How much tech investments truly impact realtor productivity Why Rob believes the industry needs to focus on capital vs. tech KW’s potential to systematize agent marketing through software Connect with Rob and Greg: Email Resources: Our Sponsors:
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Conversations Around Disruptors & Data at Inman Connect 2019—with Sam DeBord
02/10/2019
Conversations Around Disruptors & Data at Inman Connect 2019—with Sam DeBord
At , the top movers and shakers in real estate come together to learn about the latest technology and explore what’s next for the industry. And in 2019, the hot topics include disruptors like Compass and eXp, the impact of data aggregators on the MLS, and the relevance of franchisers in light of tech centric startup brokerages. So, what are the most interesting conversations happening at the conference this year? And what SHOULD we be talking about? Today, Rob and Greg are sharing the highlights of Inman & CEO Connect (live from the lobby of the Marriott Marquis), discussing how the conference focuses on the intersection of real estate and technology and what predictions Inman has gotten right over the years. They speak to Brad Inman’s interview with Rob Reffkin, Ben Kinney’s talk knocking brands like Compass and eXp, and the conversation among brokers, franchisers and tech company CEOs regarding the MLS. Rob asks why no one is talking about Redfin, and Greg predicts when the industry will recognize it as a significant force. Then Rob and Greg snag , Managing Broker and VP of Strategic Growth for Coldwell Banker Danforth in Seattle, to get his take on Kinney’s advice to brokers and the research around stock options and franchise loyalty. Listen in to understand why franchises need to make their value offerings more obvious and easy to use—and learn why Greg believes the mortgage space is ripe for disruption. What’s Discussed: The highlights of the Inman Connect conference in NYC How technology has (and has not) impacted real estate Brad Inman’s interview with Rob Reffkin at CEO Connect Leak of Pacific Union acquisition Concerns re: data aggregators Ben Kinney’s criticisms of brands like Compass and eXp When the industry will recognize Redfin as a significant force The talk among brokers and tech CEOs around the MLS The tech community’s struggle re: cooperation and compensation How Inman called the rise of the iBuyer model Kinney’s advice to brokers on prepping agents for a market shift Sam’s insight on the research around stock options and loyalty Why franchises need to make value offerings easy to use Why the mortgage space is ripe for disruption Connect with Sam: Connect with Rob and Greg: Resources:
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A Closer Look at the Compass Vision Statement
12/31/2018
A Closer Look at the Compass Vision Statement
We know that is built around technology and that the real estate company has a shit ton of money—$4.4B, to be exact. But what else do we know about the tools and resources Compass offers its agents or the direction the company might take moving forward? Lucky for us, the firm’s most recent was published online, and while it was incredibly inspiring, the presentation also raised a number of questions. Rob and Greg welcome special guest Sunny Lake Hahn, partner at , to offer a broker’s perspective as they discuss the Compass vision statement. Greg offers an overview of the presentation, covering the suite of products and services that Compass offers their agents and CEO Robert Reffkin’s inspiring personal story and message of empowerment. Sunny explains why she was impressed by the company’s COO offering for agents as well as their technology feedback loop. Rob, Greg and Sunny debate whether Compass can provide a consistent user experience, describing how the company does offer continuity in terms of tools, resources and consumer-agent interaction. Greg shares his take on why wooing agents with a payout might be problematic, and Rob speaks to Compass’ potential play to generate revenue through preferred vendors. Listen in for Sunny’s perspective of Reffkin’s emphasis on female entrepreneurs and learn more about what differentiates Compass—and what makes it just like all the other brokerages. What’s Discussed: Compass’ strategic decision to publish their vision statement The suite of products and services Compass offers their agents CEO Robert Reffkin’s inspiring personal story and message Sunny’s insight on the value of Compass’ tech feedback loop Compass’ contract provision around using the tools provided Why Compass cannot guarantee a consistent user experience How Compass can provide continuity in terms of resources Greg’s take on why wooing agents with a payout is problematic The potential for Compass to leverage the ‘referral economy’ Sunny’s view of Reffkin’s message on female entrepreneurs Sunny’s idea for brokers to execute on the COO offering locally Resources: Connect with Rob and Greg:
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UpstreamRE’s Relationship Status & a16z’s Scathing Review of Real Estate
12/22/2018
UpstreamRE’s Relationship Status & a16z’s Scathing Review of Real Estate
Look into your crystal ball and ask about the future of real estate. A venture capitalist’s vision of the industry eliminates agents entirely in favor of the data a tech company can provide. A number of brokers are hoping to go back to the future and once again serve as the gatekeepers for real estate listings. Meanwhile UpstreamRE can’t seem to get a clear picture of its future at all. Will software ‘eat the real (estate) world’ as the recent ? Will brokerages find a way to regain control of their listings? Will UpstreamRE ever nail down an objective? Rob and Greg start their review of recent real estate news with a discussion of the humbling Andreessen Horowitz video exposing the obvious flaws in organized real estate. They cover Alex Rampell’s argument against the narrative of agent as ‘trusted advisor’ and his thesis that metrics will eventually replace agents. Rob describes how technology might impact the future number of real estate agents and how much consumers will be willing to pay for guidance from a professional. Greg shares his frustration with the ‘obvious BS’ surrounding UpstreamRE’s breakup with NAR, offering his take on why the alliance didn’t work and the new narrative around the company’s purpose. Rob and Greg both deliver their predictions regarding who UpstreamRE’s new vendor might be and how MLS providers may view the project’s latest pivot. Listen in for insight into the futility of broker efforts to regain control of listings and learn why UpstreamRE’s new vendor may want to ask for their money up front! What’s Discussed: The Andreessen Horowitz video on organized real estate Alex Rampell’s argument against the ‘trusted advisor’ The prediction that metrics and data will replace agents Mike Delprete’s insight on loss aversion in transactions Money and partnerships vs. execution in tech startups The impact of tech on the number of real estate agents Why UpstreamRE’s partnership with NAR didn’t work The new narrative around UpstreamRE’s objectives Rob & Greg’s predictions re: UpstreamRE’s new vendor How MLS providers may view UpstreamRE’s latest pivot The futility of broker efforts to regain control of listings Resources: The Red Dot Connect with Rob and Greg:
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Predicting the Winners in Real Estate by Way of Research—with Brad Safalow
11/30/2018
Predicting the Winners in Real Estate by Way of Research—with Brad Safalow
We can all agree that the real estate industry is evolving quickly. Is there any way to predict who the winners in the space will be over the next few years? Brad Safalow has done nine years of research surveying hundreds of real estate agents on the housing market in general, online lead generation, marketing and technology. Curious what all that data might tell us about the future of industry players like Zillow, Redfin and Realogy? What about the potential market share of the growing iBuyer model? Or how independent brokerages might respond to the competition? Brad is the founder of , an independent research firm providing investment ideas to professional money managers and high-net-worth individuals. He began his career in the leveraged finance group at JPMorgan before joining RiverEdge Capital, a global equity hedge fund, where he specialized in small/mid cap stocks and short idea generation. Brad has been serving clients through PAA since 2009, generating 6+ action-oriented investment ideas annually, with high absolute return potential. Today, Brad joins Rob and Greg to share a high-level overview of his report on the real estate industry. Brad shares his take on the challenges Zillow is facing with the backlash against Premier Agent 4 and its foray into the iBuyer market. Rob highlights the concentration of power in real estate and its influence on Zillow’s continued success, and Greg asks about the pros and cons of the iBuyer model and its potential share of the marketplace moving forward. Brad also shares his experience working with Redfin versus a traditional brokerage, and they offer insight around how Redfin’s national ad campaign might prove to be a seminal moment in the industry. Listen in to understand how independent brokerages like Keller Williams and Realogy are responding to the iBuyer threat and a potential shift in commission structure—and get Brad, Rob and Greg’s predictions around the winners and losers in the space over the next three years. What’s Discussed: The PAA annual survey of real estate agents A high-level overview of Brad’s report The reasons why Zillow’s stock is taking a hit How Zillow’s growth depends on agent teams Why Zillow launched Premier Agent 4 How Zillow responded to backlash against PA4 The concentration of power in the industry Why Zillow is pursuing the iBuyer model The iBuyer’s potential share of the market How Zillow may profit as a mortgage business Efforts to improve the consumer experience Redfin vs. the traditional brokerage experience The impact of Redfin’s national ad campaign The effects a shift in commission structure The fear/panic among independent brokerages Gary Keller’s understanding of the iBuyer threat Realogy’s doubling down on traditional strategy Resources: Connect with Brad: Connect with Rob and Greg:
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Building the Quintessential Technology Platform for Real Estate
08/15/2018
Building the Quintessential Technology Platform for Real Estate
Perhaps the most compelling piece of theatre in recent real estate history, Gary Keller’s interview at the Inman Connect Conference laid out his argument around the future of the industry. Keller’s approach is to own his own data and develop a software platform unique to Keller Williams, and a number of other franchises are buying up technology companies in order to build their own exclusive data platforms. But is this obsession with technology and controlling the data distracting brokerages and franchisors from what really matters? Rob and Greg are on the line to discuss real estate technology and data ownership. Greg explains W+R’s focus on creating a kickass experience for agents and consumers alike and describes the company’s approach to aggregating data rather than trying to build a proprietary platform. Rob and Greg cover the growing competition in real estate software and address who is responsible for providing agents with a technology suite. They debate the merits of designing an exclusive platform versus integrating franchise data with a particular software package to create a custom data solution. Listen in for insight around the US vs. THEM mindset around building technology and learn why Rob and Greg are calling for a renewed focus on agents—and giving them the tools to shine! What’s Discussed: The overarching theme of the 2018 Inman Connect conference Gary Keller’s aim to create his own ‘platform for innovation’ How W+R seeks to democratize the iBuyer experience The role of AI and machine learning in a technology platform W+R’s approach to making data useful for the end user Greg’s take on the notion of data ownership How Zillow has evolved to generate its own data W+R’s focus on improving an agent’s listing presentation Cloud Investor Connect’s value prop for investors - High intent, high volume Who is responsible for providing agents with a tech platform The consistent improvement of real estate software The opportunity to integrate software with franchise data The MLSs role as a tech platform vs. data provider The definition of a technology platform as an end-to-end solution Rob’s insight around focusing on the agent rather than technology Sponsors: Resources: Connect with Rob and Greg:
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Reframing the iBuyer Phenomenon
08/11/2018
Reframing the iBuyer Phenomenon
Today’s consumer is used to pushing a button and having magic happen. (Thank you for the insight Jeremy Waxman.) And more often than not, we are willing to pay an extra fee for things like convenience and certainty. For this reason alone, the iBuyer phenomenon is here to stay, and the real estate industry would do well to consider how traditional agents might participate in the changing market. Rob and Greg are back to offer a different perspective on the iBuyer movement, discussing how the industry is misunderstanding the phenomenon. Greg explains how organized real estate might address the consumer experience by partnering with a large financial institution to ‘be the bank’ and Rob shares his take on FSBOs and iBuyers as opposite ends of a spectrum—with the traditional REALTOR experience in the middle. Rob and Greg address fiduciary duty, describing the conflict of interest that occurs when agents have the capacity to make on offer on a prospect’s home. They cover the difference between iBuyers and traditional house flippers, describing the considerable capital behind companies like Offerpad and Opendoor and the significance of Zillow’s recent acquisition of a mortgage lender. Listen in for insight around iBuyers moving into high-dollar markets and learn how agents fit into a future world where iBuyers are the default. What’s Discussed: How the industry is misunderstanding the iBuyer phenomenon Intention to change process of buying/selling home Company to figure out user experience wins How MLS and association execs might consider the agent experience Greg’s proposal around NAR partnering with a financial institution Rob’s prediction that the iBuyer movement is here to stay The conflict of interest agents face in offering to buy a client’s home Rob’s take on FSBOs and iBuyers as opposite ends of a spectrum Working with REALTOR = middle ground The potential ‘buyification’ of the brokerage business Why iBuyers are not as vulnerable as traditional house flippers The significance of Zillow’s acquisition of Mortgage Lenders of America The tipping point when iBuyers become the default for consumers The significance of iBuyers moving into high-dollar markets The value in agents learning to pitch investor offers to sellers Sponsors: Resources: Connect with Rob and Greg:
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The Dance in DC on Commissions in Residential Real Estate
06/13/2018
The Dance in DC on Commissions in Residential Real Estate
1-2 cha-cha-cha. 3-4 cha-cha-cha. DOJ. NAR. FTC. MLS. There was a dance of sorts held in DC on Tuesday, June 5, when the Department of Justice and the Federal Trade Commission hosted a ‘workshop’ to discuss competition in residential real estate. But while NAR and industry players prepared for the fox trot, bringing their best arguments for maintaining the status quo around data access, the DOJ put on a little salsa music and shifted the discussion to commission transparency and coupling. Rob and Greg are reversing roles this week, as Greg spins conspiracy theories regarding the government’s intentions and the potential consequences of its intervention in the real estate industry. They speak to organized real estate’s nothing-to-see-here approach to the discussion and review the range of views shared in the Developments in Real Estate Fee and Service Models panel. Greg explains why decoupling would effectively end the MLS, and Rob covers the paper prepared by the National Bureau of Economic Research suggesting conflicts of interest due to coupling. They address who would benefit if buy-side commissions went away, how such changes would impact portals like Zillow, and the surprising number of industry players who support decoupling. Listen in to understand why Rob and Greg are calling for NAR or CMLS to move on this and start leading the dance to develop solutions around commission transparency. What’s Discussed: Organized real estate’s nothing-to-see-here stance at the The Developments in Real Estate Fee and Service Models panel Reps from Realogy, Purplebricks, Glass House & TRELORA Greg’s take that the industry was caught off guard Prepared for data access and transparency Discussion of commissions, decoupling How decoupling cooperation and compensation would end the MLS The on realtor commissions and conflicts of interest The theory that real estate commissions are high due to coupling Rob’s concern that the DOJ has already made up its mind Why the industry needs to move on commission transparency Why real estate is the only industry in which the seller pays the buyer’s rep How the potential changes might impact portals like Zillow Who would benefit if buy-side commissions went away The leadership opportunity for NAR, CMLS to address DOJ/FTC concerns The surprising number of people in support of commission decoupling Public response to the previous NAR budget transparency discussion Resources: Our Sponsors Connect with Rob and Greg: Email
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Backing Up the Zestimate with a Zillow Instant Offer Check
06/07/2018
Backing Up the Zestimate with a Zillow Instant Offer Check
Critics of Zillow bash the accuracy of the Zestimate, but the fact is that a home’s worth hinges on what the market is willing to pay. And with the advent of Instant Offers, Zillow is backing up the Zestimate with a check. Consider the fact that Zillow has a platform to help themselves sell homes quickly and it is easy to see how Instant Offers is a game-changer with the potential to create a ‘market-maker system’ of real estate. Rob and Greg are back to discuss the recent on Zillow’s first home purchase in Chandler, AZ. They comment on the irony of the agent’s intention to lean on Zillow for branding as well as the company’s original business model as an auction site. Rob explains the concept of an insta-flip and how it benefits Premier Agents, and Greg offers his take on the one thing that is still missing from the Instant Offers model. Rob and Greg speak to Zillow’s data around the number of shoppers in a particular zip code and the target market for the Instant Offers model. They address the potential profit Zillow might generate from Instant Offers, the listing lead flow the program will generate, and the possibility of discounted as-is purchases on the platform. Listen in to understand how Instant Offers is likely to foster competition in the space and learn how Zillow continues to change the game of real estate. What’s Discussed: Zillow’s first home purchase in Chandler, AZ The agent’s intention to lean on Zillow for branding Greg’s questions around double-ending and fees How Zillow is creating a ‘market-maker system’ of real estate Provides mechanism to help sell fast Every home could have bid, ask price Zillow’s original business model as an auction site The concept of an insta-flip and how it benefits Premier Agents Greg’s take on what’s still missing from the Instant Offers model How Zillow’s Instant Offers further validates Opendoor The target seller for Zillow’s Instant Offers model How Instant Offers differs from We Buy Ugly Houses The listing lead flow Zillow will generate through the program What traditional brokers should do in light of Instant Offers The potential for a discounted as-is purchase through Zillow Rob’s insight on the possibility of Zillow offering seller financing How Instant Offers is likely to foster competition in the space Resources: Our Sponsors: Connect with Rob and Greg:
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Industry Relations: Spiderman, Spending Controversy & the Same Old NAR?
06/02/2018
Industry Relations: Spiderman, Spending Controversy & the Same Old NAR?
As Peter Parker will tell you, great power comes with great responsibility. And there is little doubt that NAR has a great deal of power. With Bob Goldberg at the helm, many have anticipated a ‘kinder, gentler NAR,’ an organization that rules with a warm embrace rather than an iron fist—serving its membership with open discussion and greater transparency. Does the recent drama over the dues increase demonstrate a more-of-the-same-old approach from NAR leadership? Or is the perceived crisis around the budget an overreaction? Is there evidence that the culture at NAR is really changing for the better? Rob and Greg are back in the ring on the heels of the REALTORS midyear legislative meeting, going toe to toe over the recent controversy around NAR spending. They start with an overview of what went down, beginning with the and the subsequent . Rob and Greg walk us through the retractions, rebuttals and apologies that followed as well as the board of director’s vote in DC. Rob offers his take on NAR budget priorities, sharing the questions he has around spending on things like zipLogix, RPR and advertising to protect the REALTOR brand. He goes on to discuss the way NAR handled the spending controversy, framing it as a missed opportunity to embrace opposition as a catalyst for discussion rather than ruling with an iron fist—which may discourage membership from speaking up in the future. Greg offers his defense of NAR, pointing out that the is clearly outlined NAR’s website and citing member engagement as an incredibly complex issue. Listen in for Rob’s insight around NAR’s responsibility to its members and decide whether NAR is, indeed, using its power for good. What’s Discussed: The Houston Association of REALTORS’ opposition to the dues increase How the controversial op-ed credited to Jim Harrison went too far The questions around NAR’s spending on zipLogix, RPR and advertising The line items Rob would like to see NAR prioritize in its budget Advocacy Professionalism Greg’s perspective that there is no evidence of an NAR crisis How NAR might have handled the spending controversy differently Could have offered ‘warm embrace’ Opposition as catalyst for discussion NAR’s postponement of the 2.5% annual dues increase Rob’s take that NAR’s iron fist will discourage others from speaking up Rob’s concern about the lack of explanation regarding NAR spending Greg’s defense of NAR as being more transparent than ever before outlines spending objectives Elizabeth presented proposed budget at T3 Communication with membership is difficult Rob’s belief that NAR’s power gives them a higher level of responsibility Resources: Our Sponsors: Connect with Rob and Greg: Email
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Does the NAR Logo Controversy Suggest a Failure to Communicate?
04/28/2018
Does the NAR Logo Controversy Suggest a Failure to Communicate?
If Rob and Greg are cute when they fight, then our co-hosts are particularly adorable on this edition of Industry Relations as they take on the current controversy over the new NAR logo: Is #Logogate indicative of an alarming disconnect between NAR leadership and its members? Or did NAR leadership take the appropriate steps to engage constituents in the decision-making process—and it simply didn’t work out? Today, Rob and Greg begin their discussion with a review of the Information Technology & Innovation Foundation forum in DC on using technology to make real estate more competitive, describing the lack of understanding demonstrated by the moderator and the defensiveness of the industry players on the panel. They go on to address #Logogate, and Rob shares his take that the controversy demonstrates a flaw of governance, while Greg argues that a logo is subjective—and leadership may havesolicited member input during the process. Rob offers insight on the ‘culture of confidentiality’ he has observed among association leaders, while Greg contends that the current leadership is more transparent and proactive than ever. They wrap up with dialogue on how Zillow may be raising the bar in real estate by entering the iBuyer space, choosing the best of its Premier Agents to represent the company in selling its inventory. Fasten your seatbelt and listen in as Rob and Greg clash on ITIF, #Logogate, and the best agents in real estate! What’s Discussed: The recent ITIF forum on using tech to make real estate more competitive The defensive posture of real estate representatives on the ITIF panel David Kelley’s focus on broker reaction to competition as opposed to data Rob’s call for a more collaborative approach vs. playing ‘hide the ball’ The current controversy over the new NAR logo The disconnect between NAR leadership and its members Rob’s take that #Logogate is indicative of a larger communication issue Greg’s view that member engagement is the bigger problem NAR’s proposed dues increase and assumption of budget approval Rob’s view on the culture of confidentiality at NAR How Zillow may ‘raise the bar’ for real estate agents Greg’s argument that the best real estate agents aren’t on Zillow Resources: Connect with Rob and Greg: Our Sponsor:
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T3, iBuyers and the Zillow Flip
04/28/2018
T3, iBuyers and the Zillow Flip
Is Zillow getting into the house flipping business to make a profit buying and selling real estate? Of the users who submit an Instant Offer request, one-third sell their home within 90 days—and 10% of that third take an investor’s offer. Zillow’s main play here may just be seller lead generation. Today, Rob and Greg talk T3, iBuyers and Zillow. Greg shares his takeaways from the T3 conference, including praise for Stefan’s keynote address and an eye-roll over the ‘no corporate sponsors’ sentiment. Our hosts discuss the recent bombshells around Dale’s departure from RPR and Zillow’s expansion of Instant Offers. Rob walks us through the details of Zillow’s announcement, explaining how sellers will now get an offer from Zillow itself when they use the Instant Offers platform. Rob and Greg share surprise at the lack of backlash around the announcement, examining the benefits for an agent representing Zillow as well as the drop in stock price in light of the news. Greg offers insight on potential abuses of the iBuyer model, considering how predatory lenders might target seniors, the uneducated, or the poor, and they cover the impact of Zillow’s shift on other players in the iBuyer space. Listen in as Rob and Greg address the windfall Zillow is likely to earn in the form of seller leads and learn how the company could solve the affordable housing crisis—and gain invaluable PR in the process! What’s Discussed: Greg’s takeaways from T3 The rumors around RPR and Zillow Zillow’s announcement of the expansion of Instant Offers The surprising response to Zillow’s plans to flip houses Greg’s concerns about the iBuyer model The recent drop in Zillow’s stock price Why flipping is not a change in Zillow’s business model The prospect of Zillow making a fortune on seller leads Greg’s casino analogy for Zillow’s home-flipping venture Rob’s take on how Zillow could solve affordable housing Zillow’s impact on other players in the iBuyer space Resources: Connect with Rob and Greg:
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