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 than a necessity. They also touch on political factors, Zillow vs. Homes.com strategy, and how agents might adapt in a less transparent ecosystem.

Key Takeaways

• Exclusive listings could dramatically shift power to large brokerages, enabling stronger recruitment flywheels and disadvantaging boutique firms.

• Big brokers may form alliances to consolidate private listing access, leaving smaller shops struggling to compete.

• MLSs risk becoming secondary tools—useful but no longer essential—if private networks supply the bulk of market inventory.

• Consumer transparency may decline if days-on-market and price-change history disappear, increasing agent value as data interpreters.

• Portal strategies (Zillow, Homes.com) may need to adapt, especially if sellers aren't willing to pay for exposure under an exclusive model.

• The industry still misunderstands exclusive listings, which are less about double-ending and more about recruiting, retention, and leverage.

• Market cycles and seller psychology remain central, as many sellers still prefer full exposure while others choose convenience and certainty.

• Political housing policy may shift unexpectedly, though current geopolitical chaos makes predictions uncertain.

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

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

Key Takeaways

• Existing home sales, interest rates, and median home price predictions — with very different rationales.

• Why mortgage rates may be driven more by the bond market than the Fed.

• Bold calls on NASDAQ, gold, and Bitcoin.

• Compass vs. Zillow and the future of private listings.

• A potential overturning of the NAR settlement and what that would mean for the industry.

• Why forms litigation could be the next major legal battleground.

• What portals like Zillow, Realtor.com, and Homes.com may need to change.

• Predictions around major brokerage, franchise, and proptech consolidation.

• MLSs redefining participants, IDX access, and control of listing data.

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Production and Editing Services by Sunbound Studios

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

Overview

Rob Hahn and Greg Robertson close out the year 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 market's strong performance validated Rob's bullish call.

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

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

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

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

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

Next week, 2026 Predictions!

Links: Bingo Board Vendor Alley

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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 MLS–portal relationships nationwide.

Key Takeaways

• Zillow and MRED are on a collision course over whether Zillow can selectively exclude PLN listings while still receiving IDX feeds.

• MRED argues selective exclusion violates its IDX rules; Zillow argues it owes transparency to sellers and consistency to its standards.

• Emails suggest Zillow may pursue direct broker feeds, potentially bypassing the MLS if access is cut off.

• The dispute is less about private listings themselves and more about control—"who runs Barter Town."

• Outcomes range from MLS dominance, to Zillow dominance, to a hard-to-define compromise—with major implications for brokers, sellers, and other MLSs.

Links

Zillow stalemate with Chicago's MLS looks like it's coming to a head

Mad Max Clip

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

Overview

In this episode, Rob and Greg dive into the recurring issue of embezzlement and financial mismanagement within small Realtor associations. Using recent cases as a jumping-off point, they debate what "transparency" should actually look like in a member-driven nonprofit, whether associations should provide full access to financial records, and what safeguards could reasonably prevent future financial failures. The discussion gets spirited as they explore audits, member oversight, governance culture, and how much transparency is too much—or not enough.

Key Takeaways

• Embezzlement in small associations: Recent cases highlight how financially fragile many smaller associations are and how one incident can destabilize them.

• Audit funding proposals: Rob suggests that state or national associations should fund audits for smaller associations that can't afford them.

• Transparency debate: Rob advocates for allowing any member to inspect line-item financials; Greg argues that professional audits—not member investigations—are the correct mechanism for oversight.

• Concerns about disruption: Greg emphasizes how untrained members digging through records could create confusion, waste staff time, or misinterpret legitimate expenses.

• Proper purpose & confidentiality: Rob proposes a compromise where members may inspect records but must keep information within the association; Greg notes NDAs may be required due to vendor contract confidentiality.

• Governance culture: Both agree that trust has eroded in parts of organized real estate, though they disagree on the extent and cause.

• Association survival risk: When embezzlement happens in small associations, they may face insolvency or be forced to merge.

• Checks & balances: Discussion includes dual-signature thresholds, expense-tracking systems like Ramp, and the importance of third-party annual audits.

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

Overview

Rob and Greg break down the newest developments in NAR governance, the fallout from the failed referral-fee disclosure vote, and the rapid moves by industry players like eXp and CAR to implement their own transparency standards. They also examine broader structural questions: Should MLSs raise the bar? Is the NAR brand salvageable? The conversation then turns to Zillow's decision to remove climate-risk scores, shifting public sentiment, and the growing political and economic pressures facing housing, affordability, and real estate professionals.

Key Takeaways

• NAR's proposed change to the Code of Ethics regarding referral-fee disclosure failed—not at the board level, but at the delegate body, highlighting severe governance issues.

• eXp and the California Association of REALTORS® are moving ahead with their own transparency and disclosure updates, signaling a break from NAR's direction.

• The discussion raises whether MLSs should (or realistically can) "raise the bar," with Rob arguing it could undermine the MLS value proposition.

• Greg and Rob note that weakened enforcement and membership incentives make it difficult for NAR to rebuild the Realtor brand without major structural reform.

• Zillow has removed on-site climate risk scores after industry pushback, which Rob frames as Zillow aligning with shifting consumer and cultural sentiment.

• The hosts raise concerns about affordability, generational frustration, and political volatility—warning that real estate professionals must better understand and respond to consumer mood.

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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.

Links

Zillow's coordinated pressure campaign against MLSs Ocusell Fills the Gap Aligned Showings A Strategic Analysis of the Compass v. Zillow Court Hearing

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

Overview

Rob and Greg break down what happened at NAR NXT in Houston — from the empty expo floor to major MLS–Association policy changes. Greg shares on-the-ground insights from meetings, parties, and conversations with MLS leaders, while Rob analyzes the strategic implications of NAR's 18-point PAG recommendations and what he calls the "emancipation" of MLSs. They also discuss winners and losers of the policy shifts, potential impacts on associations, vendors, portals, and brokers, and tee up a future episode on NAR's new strategic plan.

Key Takeaways

• Expo Floor Shift: Major real estate brands were largely absent, and new vendors were mostly centralized in the REACH kiosk area. NAR's pavilion took up a large portion of the floor.

• Tightened Meeting Access: Vendors and some MLS staff were denied entry to MLS policy roundtables, signaling increased NAR gatekeeping.

• Policy Changes = MLS Freedom: NAR repealed disciplinary guidelines and removed the requirement for MLS users to be association members, pushing authority to the local level. Rob argues this effectively removes NAR from the MLS business.

• Winners & Losers:

  • Winners: Large MLSs, large brokers, possibly Zillow (depending on data access negotiations).

  • Losers: State and local associations relying on mandatory membership; potentially Realtor.com as syndication leverage shifts.

• Associations Must Reinvent: Without mandatory membership, associations must create new value propositions and revenue paths.

• Strategic Plan Concerns: Rob calls NAR's new strategic plan "a pile" of platitudes and plans a full breakdown in a future episode.

• Parties & Atmosphere: Rentspree, ICE, and others hosted strong events, but the conference felt less relevant overall with notable CEO absences.

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

Overview

Rob and Greg dig into expectations for the NAR Annual Conference, MLS attendance patterns, and broader industry sentiment heading into 2025. They cover speculation around possible committee decisions, how the settlement fallout is (or isn't) impacting MLS membership and commissions, and the overall vibe leading into the event. The conversation then shifts to affordability, mortgage rates, and the recent proposal of a 50-year mortgage. They close with discussion of a new Zillow/RESPA-related lawsuit, Rocket/Redfin implications, and observations from Zillow Unlock.

Key Takeaways

• Some MLS leaders are skipping NAR due to light agenda relevance, travel issues, and lack of urgency.

• Despite settlement fears, MLS membership has not dropped significantly, and commissions have not fallen.

• Rob argues the industry culture—not MLS policy—has propped up commissions.

• Greg suggests the settlement was overhyped given limited negative fallout so far.

• Conversation on affordability explores whether lowering interest rates would meaningfully increase transactions.

• New Alaska Zillow lawsuit may signal potential RESPA exposure tied to loan-capture strategies.

• Rocket/Redfin may have structural protection due to W-2 agent model.

• Zillow Unlock was described as polished, high-end, highly attended by top-producing agents.

• Vendor experience at Unlock: fewer "newbies," easier conversations, strong integration environment.

Links

• "Stand up for the MLS"

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

Overview

Rob and Greg discuss Zillow's recent privacy policy changes to Follow Up Boss and the growing debate around data use and agent trust. They examine how Zillow's communication strategy has affected its reputation, drawing comparisons to past acquisitions like dotloop and ShowingTime. The conversation explores whether this move signals a broader industry shift in how tech companies handle customer data, AI integration, and transparency with agents.

Key Takeaways

• Zillow's new Follow Up Boss privacy policy grants broader access to agent and client data.

• Rob believes the change isn't malicious but calls it a major communication failure by Zillow.

• Greg points out that Zillow lacks a dedicated team for agent-facing product communication.

• The term "mutual customer" triggered agent backlash and should have been caught before release.

• Both agree the issue highlights a pattern of Zillow "revising promises" made in previous acquisitions.

• The discussion raises questions about trust, data usage for AI training, and the long-term impact on agent relationships.

• Rob argues the real strategic risk is eroding trust—industry partners may start adding "yet" to every Zillow assurance.

• Greg suggests this is part of a larger trend across tech companies as privacy expectations evolve

Links

Follow Up Boss changes privacy policy: chaos ensues

Zillow, Follow Up Boss, ChatGPT: How to Protect Your Clients and Build a Moat

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