Industry Relations

In this episode of Industry Relations, Rob and Greg run a thought experiment: What if we're entering a true buyer's market? They walk through ten major industry topics—from antitrust litigation to portals, AI, and MLS relevance—and analyze how each might shift if buyers suddenly gained the upper hand. Along the way, they debate policy, technology, and market psychology, drawing connections between historical trends and current market signals.

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Links

The U.S. Housing Market Has Nearly 500,000 More Sellers Than Buyers—the Most on Record. That Will Likely Cause Home Prices to Fall

Key Takeaways

• Antitrust & Legal Landscape – Discussion of how a buyer's market might (or might not) affect current and future antitrust lawsuits in real estate.

• Government Regulation – Exploration of potential political reactions, including pressure on corporate landlords, affordability policy, or even renewed interest in rent control.

• Tech-Enabled Brokerages – Examination of whether brokerages like Redfin, Compass, and eXp gain or lose advantage when the market shifts toward buyers.

• iBuyers & Institutional Activity – Rob and Greg assess whether a buyer's market helps or hurts companies like Opendoor and investor-focused strategies.

• Portals & Exclusive Inventory – Deep dive into how platforms like Zillow and Homes.com may adapt, and whether exclusive listings could gain ground.

• AI & Automation – Consideration of how AI could enable cheaper, more scalable buyer representation services—and who might benefit.

• Consumer Trust – Debate over whether a buyer's market could rebuild trust in the industry or simply reduce agent count, leaving higher-quality professionals.

• DIY Real Estate – Why self-service homebuying remains unlikely to surge, even with market power shifting toward buyers.

• Industry Consolidation – Prediction that competitive pressure could drive further brokerage and vendor consolidation.

• MLS & Association Relevance – Analysis of whether MLSs become more or less important in a buyer's market, especially in the context of exclusives and policy enforcement.

Connect with Rob and Greg

Rob's Website https://notoriousrob.substack.com/

Greg's Website https://www.vendoralley.com/about-2/

Our Sponsors:

Cotality https://www.cotality.com/

Notorious VIP https://notoriousrob.substack.com

The Giant Steps Job Board https://vendoralley.jobboard.io/

Production and Editing Services by Sunbound Studios

In this episode of Industry Relations, Rob and Greg analyze Zillow's recently released ZLAS policy language and debate whether it reflects a shift in Zillow's priorities. They discuss the implications of allowing broker direct feeds, the enforcement challenges around delayed marketing, and whether Zillow's current stance can still be considered "consumer first." The conversation also explores how MLSs and major brokerages are interpreting ZLAS and how this policy intersects with Clear Cooperation rules and VOW/IDX frameworks.

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Links

Howard Hanna in open rebellion against Clear Cooperation Policy - https://www.inman.com/2025/05/23/howard-hanna-in-open-rebellion-against-clear-cooperation-policy/

Zillow's ZLAS: Make Zillow Great Again - https://substack.com/home/post/p-164029933

Hoby Hanna don't like the rules - https://www.vendoralley.com/2025/05/27/hoby-hanna-dont-like-the-rules/

Key Takeaways

• Zillow's ZLAS Policy Language – The official policy now allows listings to be submitted via MLS or broker syndication feeds, raising questions about enforcement and intent.

• Broker Compliance and Enforcement – Rob and Greg explore whether Zillow has the capacity or systems in place to enforce ZLAS, and how it compares to MLS-style rule enforcement.

• Direct Broker Feeds as a Loophole – The inclusion of broker syndication feeds in the policy language could enable firms like Compass to bypass ZLAS restrictions.

• VOW vs. IDX Access – Discussion on how Zillow's VOW-powered listing visibility may conflict with its public consumer-first messaging.

• Local MLS Rule Conflicts – ZLAS policy explicitly overrides local MLS or state-level rules that allow extended delayed marketing, creating potential legal and operational conflicts.

• Marketplace Power Shift – Zillow's self-enforced policy is viewed as a signal of its growing authority in the real estate ecosystem, independent of MLS governance.

Connect with Rob and Greg

Rob's Website https://notoriousrob.substack.com/

Greg's Website https://www.vendoralley.com/about-2/

Our Sponsors:

Cotality https://www.cotality.com/

Notorious VIP https://notoriousrob.substack.com

The Giant Steps Job Board https://vendoralley.jobboard.io/

Production and Editing Services by Sunbound Studios

In this episode of Industry Relations, Rob and Greg explore the idea of the elusive "end-to-end platform" in real estate. Prompted by Lower's acquisition of Movoto, they revisit decades of efforts by portals and brokerages to deliver a seamless transaction experience—from search to closing. They examine why this model has struggled to take hold in residential real estate, compare it to consumer experiences like Amazon and Tesla, and consider whether the real estate agent has always been the true end-to-end solution.

Key Takeaways

• Lower Acquires Movoto – Discussion of the strategic rationale behind a mortgage company acquiring a real estate portal.

• Why End-to-End Platforms Struggle – Analysis of why Zillow, Redfin, and others have failed to deliver a fully integrated homebuying experience.

• The Agent as Platform – Debate over whether real estate agents already fulfill the role of a true end-to-end solution for consumers.

• Lessons from Other Industries – Examples from Amazon, Tesla, and travel that highlight the differences in consumer expectations and loyalty.

• Professional End-to-End Platforms – Exploration of whether a consolidated platform for agents—covering lead gen through payment—could be built, and what it would require.

• Tech Stack Attempts – Review of efforts by companies like Lone Wolf, Inside Real Estate, and MoxiWorks to build comprehensive agent-facing platforms.

Connect with Rob and Greg

Rob's Website https://notoriousrob.substack.com/

Greg's Website https://www.vendoralley.com/about-2/

Our Sponsors:

Cotality https://www.cotality.com/

Notorious VIP https://notoriousrob.substack.com

The Giant Steps Job Board https://vendoralley.jobboard.io/

Production and Editing Services by Sunbound Studios

In this episode of Industry Relations, Rob and Greg examine CoStar's recent announcement that Homes.com will boost listings banned on Zillow. They discuss whether this strategy is aimed at consumers or brokers, and whether it signals a broader battle for power in the real estate portal space. They also explore the potential implications of a proposed Illinois bill that would require public listing access by law, and debate what government involvement could mean for MLSs, agents, and listing distribution.

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Links:

Homes.com will 'boost' listings that are banned on Zillow: Florance

Don't Bring a Knife to a Gun Fight

Key Takeaways

• Homes.com vs. Zillow – Discussion of CoStar's strategy to position Homes.com as a portal that accepts listings excluded by Zillow and what it means for brokers.

• Do Consumers Use Multiple Portals? – Rob explores whether buyers actually use more than one or two listing sites, and what that means for listing visibility.

• Government Involvement in Listing Policy – Analysis of an Illinois bill proposing mandatory public access for listings and the role of Zillow and NAHREP in backing it.

• Public Utility Debate for MLSs – Exploration of whether MLSs could be redefined as public utilities under new regulations.

• Housing Affordability and Political Risks – Rob and Greg discuss how affordability pressures and political narratives could shift public perception of agents, landlords, and listing control.

• Shifting to a Buyer's Market – Discussion of early signs that certain areas are flipping to buyer-favorable conditions and how that could affect pocket listings and strategy.

Connect with Rob and Greg

Rob's Website https://notoriousrob.substack.com/

Greg's Website https://www.vendoralley.com/about-2/

Our Sponsors:

Cotality https://www.cotality.com/

Notorious VIP https://notoriousrob.substack.com

The Giant Steps Job Board https://vendoralley.jobboard.io/

Production and Editing Services by Sunbound Studios

In this episode of Industry Relations, Rob and Greg discuss the broader cultural trend of returning to physical, human-centered experiences amid rapid advances in technology and AI. They explore topics ranging from Compass's decision to print physical listing books to the rise of tabletop gaming, and examine whether real estate's resistance to full automation is part of a wider pushback against digital efficiency.

Key Takeaways

• Printed Listing Books – Compass's return to printed materials prompts a discussion about whether real estate is experiencing a retro shift.

• AI in Real Estate – Speculation on how AI could replace or supplement agents, and whether efficiency should be the ultimate goal in real estate transactions.

• Cultural Nostalgia and Physical Experiences – The potential link between societal burnout from digital life and renewed interest in human interaction and analog tools.

• Efficiency vs. Connection – Ongoing tension in the industry between embracing high-efficiency tech and preserving the emotional, human elements of real estate.

Links

Chris Saaca on Tim Ferris talking about AI https://x.com/tferriss/status/1918030245359165944 https://stratechery.com/2025/an-interview-with-meta-ceo-mark-zuckerberg-about-ai-and-the-evolution-of-social-media/ An interview with Meta CEO Mark Zuckerberg About AI and the Evolution of Social media https://stratechery.com/2025/an-interview-with-meta-ceo-mark-zuckerberg-about-ai-and-the-evolution-of-social-media/ Compass "reimagine" MLS books. https://www.vendoralley.com/2025/05/01/compass-reimagines-mls-books/ Companion (Movie) https://www.justwatch.com/us/movie/companion-2025 Toby Robertson's CIBACS business (Senior Project) https://www.cyclesentrystickers.com Critical Role https://critrole.com/

Connect with Rob and Greg

Rob's Website https://notoriousrob.substack.com/

Greg's Website https://www.vendoralley.com/about-2/

Our Sponsors:

Cotality https://www.cotality.com/

Notorious VIP https://notoriousrob.substack.com

The Giant Steps Job Board https://vendoralley.jobboard.io/

Production and Editing Services by Sunbound Studios

In this episode of Industry Relations, Rob and Greg explore the evolving definition of an "open market" in real estate. They discuss how consumer expectations, technology shifts, and the dominance of platforms like Zillow are reshaping what it means for a listing to be considered publicly available. The conversation also covers the historical role of the MLS, comparisons to other industries, and whether the industry should rethink its terminology to focus on "fair marketplaces" instead of "open marketplaces."

Key Takeaways

• Definition of Open Market – Rob and Greg discuss the historical and modern interpretations of what constitutes an open market for real estate listings.

• MLS vs. Portals – Analysis of how MLS participation historically defined an open market and how that has shifted with the rise of Zillow and other portals.

• Consumer Behavior and Technology – Exploration of how changes in consumer behavior and technology have influenced the industry's definition of market openness.

• Fair Market vs. Open Market – Debate over whether "fair marketplace" would be a more accurate and useful term moving forward.

• Risks of Portal Dominance – Discussion on the risks associated with defining the open market based on a single platform's dominance.

Connect with Rob and Greg

Rob's Website https://notoriousrob.substack.com/

Greg's Website https://www.vendoralley.com/about-2/

Our Sponsors:

Cotality https://www.cotality.com/

Notorious VIP https://notoriousrob.substack.com

The Giant Steps Job Board https://vendoralley.jobboard.io/

Production and Editing Services by Sunbound Studios

In this episode of Industry Relations, Rob and Greg examine how changes to MLS rules, especially around delayed marketing and the Clear Cooperation Policy (CCP), are impacting portals, broker strategies, vendors, and the broader real estate ecosystem. They also explore the implications of the Rocket-Redfin merger, challenges for MLS public-facing websites, and what the new data policy landscape means for technology providers.

Key Takeaways

• Portal Impact of CCP Changes – Rob and Greg analyze how platforms like Zillow, Redfin, Realtor.com, and Homes.com are adapting to rule changes.

• Delayed Marketing and Public Portals – Discussion of how CCP affects MLS public-facing websites, particularly HAR and UtahRealEstate.com.

• Vendor Challenges with VOW Feeds – Vendors may need to shift from IDX to VOW feeds, which are more costly and complex to implement.

• Rocket-Redfin Merger – Examination of how Rocket's acquisition of Redfin could reshape brokerage models and mortgage integration.

• Enforcement Variability – Insights into how different MLSs may interpret and enforce delayed marketing and cooperation rules.

• Broker Website Tech – Consideration of how IDX and VOW data will influence broker sites and lead generation strategies moving forward.

Connect with Rob and Greg

Rob's Website https://notoriousrob.substack.com/

Greg's Website https://www.vendoralley.com/about-2/

Our Sponsors:

Cotality https://www.cotality.com/

Notorious VIP https://notoriousrob.substack.com

The Giant Steps Job Board https://vendoralley.jobboard.io/

Production and Editing Services by Sunbound Studios sunboundstudios.com

In this episode of Industry Relations, Rob and Greg react to Zillow's announcement that listings violating the Clear Cooperation Policy (CCP) will no longer be allowed on its platform. They discuss how this move could impact private exclusives, delayed marketing strategies, and the role of major brokerages like Compass and eXp. They also explore how this policy could affect MLS governance and whether Zillow's position signals a shift in industry power.

Key Takeaways

• Zillow's CCP Policy Enforcement – Listings that violate CCP by being publicly marketed before entering the MLS will be banned from Zillow.

• Impact on Compass's Strategy – The change could limit Compass's three-phase marketing model and influence future iterations.

• eXp's Public Support – Zillow's announcement included backing from eXp, raising questions about why other brokerages didn't join.

• MLS Power and Governance – Discussion on how Zillow's move challenges the authority of MLSs that have their own coming soon policies.

• Consumer Impact and Transparency – Debate over how the policy affects sellers, buyers, and the perceived openness of the listing marketplace.

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Connect with Rob and Greg:

Rob's Website

Greg's Website

Our Sponsors:

Cotality

Notorious VIP

The Giant Steps Job Board

Production and Editing Services by Sunbound Studios

In this episode of Industry Relations, Rob and Greg analyze the latest developments in the Clear Cooperation Policy (CCP) and its impact on brokerages, MLSs, and the industry at large. They also discuss how exclusive inventory strategies are reshaping competition, the DOJ's scrutiny of MLS policies, and what these shifts could mean for agents and consumers moving forward.

Key Takeaways

• Clear Cooperation Policy (CCP) Developments – Updates on how MLSs and brokerages are adjusting to changes in CCP and what's next.

• Exclusive Inventory Strategies – How brokerages are leveraging private listings to gain a competitive edge.

• DOJ's Focus on MLS Rules – The Department of Justice's position on CCP and how it could impact industry regulations.

• Brokerage Competition and Market Power – The role of large firms in shaping listing practices and potential consequences for smaller brokers.

• Future of the Real Estate Marketplace – What shifts in policy and competition could mean for agents, buyers, and sellers.

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Links:

The Business Case for Exclusive Inventory

Now what Compass?

Connect with Rob and Greg:

Rob's Website

Greg's Website

Our Sponsors:

Cotality

Notorious VIP

The Giant Steps Job Board

Production and Editing Services by Sunbound Studios

In this episode of Industry Relations, Rob and Greg break down the big news about the Clear Cooperation Policy (CCP) and what its potential changes could mean for the future of real estate. They discuss the DOJ's ongoing investigation into NAR, the evolving landscape of MLS policies, and how major brokerages are responding. With key shifts on the horizon, they explore what these developments mean for agents, brokers, and the industry at large.

Key Takeaways

• Clear Cooperation Policy (CCP) Under Fire – What the latest updates mean for listing practices and market transparency.

• DOJ vs. NAR – Ongoing legal scrutiny and potential implications for how real estate operates.

• MLS Policy Changes – How the rules around listing distribution may evolve and what it means for competition.

• Brokerage Adaptation – How leading firms are adjusting to the shifting regulatory and policy landscape.

• Industry Power Shifts – The role of leadership changes and legal actions in reshaping the real estate ecosystem.

Resources

Agents feel joy, rage, confusion over Clear Cooperation ruling

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Connect with Rob and Greg:

Rob's Website

Greg's Website

Our Sponsors:

Cotality

Notorious VIP

The Giant Steps Job Board

Production and Editing Services by Sunbound Studios