Listing Bits

We're baaaaaack!

I spend a lot of time at conferences explaining why MLSs, brokers, and franchisors should let the 'professionals' build their technology. And yet, there are real reasons why these stakeholders might want to design their own.

So, when is it appropriate for an MLS to create its own tech stack rather than relying on a vendor? And what does the development process look like?

Faith Geronimo and Colleen Yasuhara are the CEO and COO, respectively, of Hawaii Information Service (HIS), the MLS provider for the islands of Hawaii and Kauai. On this episode of Listing Bits, Faith and Colleen explore HIS's history of building its own technology and explain their decision to spend the last four years creating a new MLS system.

Faith and Colleen discuss the transition from their initial system, REsearch, to the new HIMLS, describing HIS's partnership with software developer MEV and their experience working with a team of Ukrainian developers. Listen in to understand why the Russia-Ukraine conflict hasn't disrupted the development process and learn how HIS leveraged research and user testing to inform the design of HIMLS.

What's Discussed:

HIS's role as MLS provider for the islands of Hawaii and Kauai

HIS's history of building its own technology

How Faith & Colleen's decision to build a new system on their own was influenced by their ability to integrate public records and MLS data

Faith's take on why Hawaii needs 3 MLS providers

What Faith & Colleen learned in their research on MLS systems and how it informed the design of HIMLS

How the pandemic influenced the development process and allowed for rigorous user acceptance testing

The timeline for the transition from REsearch to HIMLS from 2018 to present

HIS's partnership with MEV and how they built the portal and web API together before tackling the MLS

Faith & Colleen's experience working with developers in the Ukraine and why they flew the team to Hawaii early in the process

How Ukrainian developers continue to work on HIMLS despite the Russian invasion and how they're handling the conflict

Connect with Faith & Colleen:

The Story of HIMLS

Hawaii Information Service

Hawaii Information Service on YouTube

Faith on LinkedIn

Colleen on LinkedIn

Resources:

HIMLS Update on YouTube

Inman Connect New York

CMLS Conferences

Craig Pennington

Paragon

Matrix

Realist

RESO Web API

MEV

Alex Natskovich

Our Sponsor:

Cloud Agent Suite

When Zillow announced its intention to acquire ShowingTime in February of 2021, a slew of companies jumped into the showing solutions space. But Instashowing had already been in business for two years, and despite the fierce competition, its young founder believes that his startup has an edge.

William Schoeffler is the Founder of Instashowing, a software company out of Bend, Oregon, that offers the premiere showing solution for forward-thinking real estate professionals. On this episode of Listing Bits, William shares the experience with an agent that inspired him to build Instashowing and describes the suite of listing agent tools his team is developing.

William explains how he raised $4M on the heels of Zillow's acquisition of ShowingTime, discussing the expectation to grow that comes with that kind of an investment and the advantages Instashowing has over its many competitors. Listen in to understand the challenge of supporting several showing solutions in a single market and learn how William is forming a syndicate to allow MLSs to invest in Instashowing.

What's Discussed:

The experience with a real estate agent that inspired William to build Instashowing

How William raised $4M from industry giants Pete Flint and Greg Schwartz

The wave of competitors in the showing solutions space after Zillow's acquisition of ShowingTime

Why Instashowing started selling to agents and brokers (not MLSs) when it launched in 2019

The advantages Instashowing has over its competitors

How Instashowing's success in a given market hinges on full integration with its MLS

Why William believes the industry will return to a single showing solution product in each market

The suite of listing agent tools Instashowing is developing

The expanding vision and expectation to grow that comes with a $4M investment

Why William is not planning on adding a call center to the Instashowing offerings

How William is forming a syndicate to allow MLSs to invest in Instashowing

Connect with William:

Instashowing

William on LinkedIn

Resources:

Instashowing's $4M Raise

Zillow's Acquisition of ShowingTime

Tomo

Offerpad

BrokerBay

Homesnap Showings

MLS Aligned

SentriLock

CRMLS Glide

Our Sponsor:

Cloud CMA for Brokers

Ask the average consumer what they know about the MLS, and you're likely to hear about their favorite Major League Soccer team. But CMLS wants to change that, and the organization is on a mission to educate the general public around the benefits of working with a real estate professional and listing a home on the MLS.

Katie Smithson is the Director of Enterprise Sales at Lone Wolf Technologies, and she serves on the Board of Directors for both the Council of Multiple Listing Services and Real Estate Standards Organization. On this episode of Listing Bits, Katie shares CMLS's new In the Know Campaign, describing how the initiative seeks to convey the importance of the MLS to consumers.

Katie explains why CMLS partnered with 1000watt to develop assets for In the Know and how agents and brokers can use the campaign's digital content to share the CMLS message with consumers. Listen in to understand how Lone Wolf is integrating In the Know content into Cloud CMA and find out how other vendors can get involved in educating consumers on the value of the MLS.

What's Discussed:

How CMLS's Making the Market Work Campaign communicated the value of the MLS to its members

CMLS's partnership with 1000watt to develop assets for the new In the Know Campaign

How the In the Know Campaign conveys the importance of the MLS to consumers

Why In the Know is not specific to a particular MLS system but advocates for the industry as a whole

CMLS's hope that brokers and agents will share the campaign's message with consumers

Why exclusive listings are not a good look for organized real estate in light of Fair Housing legislation

How listing on the MLS gives sellers the best exposure in a given market

How In the Know assets are designed for brokers, agents and vendors to put to use

How the Lone Wolf Technologies team is integrating In the Know content into Cloud CMA Live

Katie's insight around how other vendors might get involved with the In the Know Campaign

Connect with Katie:

Email ksmithson [at] lwolf [dot] com

Resources:

CMLS's In the Know Campaign

CMLS

RESO

CMLS's Making the Market Work Campaign

1000watt

NAR MLS Clear Cooperation Policy

The Fair Housing Act

Our Sponsor:

Cloud CMA for Brokers

Prior to 2003, Supra had a monopoly on the lockbox market. But NAR membership wanted choice, so the trade association invested in its first outside tech company, SentriLock. Today, a similar market dominance exists in showing service solutions, and SentriLock is stepping in once again to compete with the dominant player in the space.

Scott Fisher and Devin Beck are the CEO and Director of Revenue of SentriLock, the first and only combined lockbox, showing service and experience management solutions for real estate. On this episode of Listing Bits, Scott and Devin explain why SentriLock is expanding into the showing service space and how proptech consolidation accelerated industry interest in their new offering.

Scott and Devin share SentriLock's approach to entering a new market with a dominant player, describing how their partnership with NAR and commitment to customer service differentiate them from the competition. Listen in for insight around the unique features of the SentriKey Showing Service and learn how you can benefit from their lockbox offering, showing service or combination thereof.

What's Discussed:

How Scott's telecom background led him to the lockbox space

Devin's efforts to diversify SentriLock's portfolio of offerings

What inspired the partnership between NAR and Scott's team

Why SentriLock is expanding into the showing service space

SentriLock's approach to entering a market with a dominant player

How Zillow's acquisition of ShowingTime accelerated interest in SentriLock's new offering

How SentriLock's lockbox and showing solutions are designed to stand alone yet work together

Why consolidation causes uncertainty in the MLS community

Why NAR is unlikely to sell SentriLock

How Scott sees their commitment to take care of the member first as SentriLock's secret weapon

The features that differentiate SentriLock's showing solution

How competition among vendors brings value to the industry

Connect with Scott & Devin:

SentriLock

Scott on LinkedIn

Devin on LinkedIn

Resources:

The Story Behind SentriKey Showing Service

Supra

CoStar's Acquisition of Homes.com

REALTORS Relief Foundation

REALTORS Political Action Committee

Our Sponsor:

Cloud CMA for Brokers

At present, MLS data access is unnecessarily complex. And brokers are calling for a more efficient system with a single set of rules around how the data can be used. In response, the CMLS Data Access Concepts Workgroup drafted the Listing Exchange and Access Policy or LEAP. But does the new policy really solve these problems? Could it be improved in a way that recognizes the changing landscape of the real estate industry?

Sam DeBord is the CEO of the Real Estate Standards Organization, the trade group responsible for developing standards for the industry, and he writes for publications including REALTOR Magazine and Inman News. Michael Wurzer is the CEO of FBS, the leading innovator of MLS technology and one of the most respected real estate software brands, and he covers industry issues on the FBS Company Blog. Both Sam and Michael are active participants in the LEAP debate on Twitter and have written long-form posts on the topic.

On this episode of Listing Bits, Sam shares the goals of the proposed Listing Exchange and Access Policy, describing how it seeks to simplify the rules and make access to MLS data more efficient. Michael discusses his concerns around the draft policy, explaining why licensing should be a part of LEAP and what a usage-based pricing model might look like. Listen in for Sam's speed limit versus toll road analogy for the issues at play and hear both sides of the debate on whether LEAP solves the fundamental problems brokers face in using MLS data.

What's Discussed:

LEAP's goal to simplify the rules and make access to MLS data more efficient

Why Michael sees a problem with how LEAP treats IDX, VOW and Back Office the same

Michael's argument that the value of aggregated MLS data as a whole is greater than the sum of its parts

Why Michael believes that licensing and pricing should be a part of LEAP

How the definition of a Participant is evolving and why Michael thinks LEAP should address the shift

Sam's concerns around using policy to penalize companies who are using data well

Sam's speed limit vs. toll road analogy for the issues at play in LEAP

Michael's point that portals would be worth dramatically less without MLS data

The potential to charge licensing fees for MLS data based on usage (with free low-usage plans available)

Sam's view that MLSs should make local decisions about pricing rather than NAR policy

Connect with Sam:

Real Estate Standards Organization

Sam's Website

Sam on Twitter

Connect with Michael:

Michael's Blog on FBS

Michael on Twitter

Resources:

Michael's First LEAP Post: Look Before You LEAP

Michael's Second LEAP Post: MLS Content Is Uniquely Valuable, License It Accordingly

Michael's Third LEAP Post: A Picture Is Worth More Than…

Sam's Post: LEAP Forward -- Six Questions to Answer on Broker's MLS Data

Rob Hahn's Blog on LEAP

Vendor Alley

LeadingRE

The Realty Alliance

CMLS

Draft of the Listing Exchange and Access Policy (LEAP)

Victor Lund on Twitter

FloPlan by FBS

Our Sponsor:

Cloud CMA for Brokers

Policy may not be sexy, but without standards around how we format real estate data and build technology systems, we simply can't share data or integrate the tools we need to do our jobs well.

Sam DeBord serves as CEO of the Real Estate Standards Organization, the trade group responsible for developing the open standards that drive efficiency and streamline technology for the industry. His resume includes a wide range of leadership positions in the real estate space, including President's Liaison for MLS and Data Management at NAR and VP of Government Affairs with Washington Realtors. Sam is also the VP of Strategic Growth for Coldwell Banker Danforth in Seattle and writes for REALTOR Magazine, Inman News and the Swanepoel Trends Report.

On this episode of Listing Bits, Sam describes RESO's role in the real estate industry, explaining how the standards set by his organization provide certainty for developers and support data shares and tech integrations. He shares the progress RESO has made in the last year, discussing what they have done to streamline compliance certifications and initiate the proposed Listing Exchange Access Policy. Listen in for Sam's insight on the constraints of the current market (and the new tech that's emerged as a result) and find out how he thinks about the kerfuffle surrounding the most recent mergers and acquisitions in the real estate space.

What's Discussed:

What RESO does to create efficiencies and streamline tech for the real estate industry

RESO's evolution to an independent trade organization and how it relies on thousands of volunteer SMEs to build its Workgroups

RESO's recent work to streamline its compliance certifications and create a new development guide for vendors

How RESO standards provide certainty for developers and support data shares and integrations

Why Sam is a proponent of creating a single policy for how data is used and displayed (and how that would help brokers)

RESO's work with the broker community and CMLS to draft the proposed Listing Exchange Access Policy

The progress RESO has made in just the last year to align industry trade organizations, brokers and MLSs around common goals

How RESO standards helped facilitate the NorCal MLS Alliance

Sam's take on how the artificial constraints of the current market impact agents and the tech facilitating the trend to buy homes sight unseen

How Sam thinks about the most recent mergers and acquisitions in the real estate space

Why proptech companies need to recognize our cultural preference to work with an agent

The potential problems associated with a broker-member of an MLS being paid by that MLS for a technology service

Connect with Sam:

Real Estate Standards Organization

Email sam[at]reso[dot]org

Sam on Twitter

Resources:

RESO Workgroups

RESO Web API Tools & Software

RESO's Broker Advisory Workgroup

RESO Certification

2020 RESO Certification Updates

Andy Woolley

CMLS

NAR

NAR's MLS Technology & Emerging Issues Advisory Board

Summary of NAR's 2021 MLS Policy Changes

CMLS's Participant Data Access Policy

LeadingRE

The Realty Alliance

CMLS's CCP Implementation Guide

RESO Compliance Guide

NorCal MLS Alliance

Zillow Economist Jeff Tucker on Industry Relations EP059

CoStar

Zillow's Acquisition of ShowingTime

Greg on Twitter

RESO's Unique Organizational Identifier (UOI)

Victor Lund at WAV Group

RESO Remix

RESO's 2021 Fall Conference

Our Sponsor:

Cloud CMA

Video marketing is a powerful way for agents, brokers and real estate companies to reach consumers. But how do we get the most mileage out of our videos? How do we maximize the marketing value of the content we create?

Christian Sterner is the Cofounder and CEO of WellcomeMat, the premier platform for managing your real estate video. Christian's team facilitates successful video marketing campaigns for agents, brokers and companies who are committed to video as a long-term marketing strategy, helping clients leverage video content to generate traffic and engagement on their domain. Christian has been playing in the technology and marketing space since 2000, and he has led WellcomeMat since its inception in 2006.

On this episode of Listing Bits, Christian explains how WellcomeMat maximizes reach for every video in a user's library and helps them make educated decisions about what videos to create. He offers insight around what kind of content really moves the needle for real estate professionals, sharing his take on the pros and cons of producing humorous or provocative video content. Listen in to understand how WellcomeMat is working to facilitate visual search for the real estate industry and learn how drone automation can be used to create killer listing videos and accelerate the adoption of video marketing among brokers and agents.

What's Discussed:

WellcomeMat's mission to make video the most valuable thing agents and brokers can do to market themselves and their properties

What makes WellcomeMat the best way to maximize reach for every video in your library

How WellcomeMat accepts content from any service (and allows users to switch providers at will)

What WellcomeMat does to help users make educated decisions about what videos to create

How WellcomeMat increases site visits by an order of magnitude over using YouTube alone

Why listing videos are best for pushing top line revenue

The value in producing evergreen content like neighborhood tours, agent profiles, etc.

WellcomeMat's referral database of 5,000 video production companies

Christian's take on producing provocative and/or humorous video content

The MLS rules around branded and unbranded content + how WellcomeMat offers tools to remove branding for MLS compliance

WellcomeMat's work to facilitate visual search for the real estate industry

How drone automation facilitates the production of quality video at scale for the real estate space

Connect with Christian:

WellcomeMat

Christian on Twitter

christian [at] wellcomemat [dot] com

Resources:

RE/MAX

Trulia

8z

Booj

CBRE

Revaluate

Homebot

ZAVI Homes

TED

For Sale by Owner

LeadingRE

Luxury Portfolio

Halstead

Semonin Realtors

Wistia

Tim Smith Group on YouTube

Smith Group's 'Teach Me How to Duffy' Marketing Video

Gracenote

Shazam

Cole's Drone Video

Amazon's Ring Always Home Cam

Skydio

eWebinar

What can technology vendors do to better connect with the agents and brokers we hope to serve? And what can we learn from the perspective of a computer engineer turned REALTOR about how to approach real estate professionals and what kind of tech solutions they need?

Georgia Purpura is Managing Broker at Urban Nest Realty, a mid-size independent brokerage out of Las Vegas, Nevada, where she specializes in helping agents grow their business. She is also very involved in the local association, most recently serving as Chair of the MLS. Georgia has been a licensed agent for 12 years, acting as broker for Keller-Williams Southwest before joining Urban Nest in 2018. Prior to real estate, she earned her degree in business and information technology and spent eight years working as a computer engineer.

On this episode of Listing Bits, Georgia discusses how her background in IT has served her well in real estate, explaining how she evaluates technology solutions and what vendors can do to market their software more effectively. She offers advice for vendors and brokers on creating a business model that mitigates agent churn, challenging us to focus on producers rather than subscribers—casting a deeper net as opposed to a wider one. Listen in for Georgia's insight on how modern agents learn about technology tools (and how that's evolved over the years) and get her take on the top technology needs in the real estate space.

What's Discussed:

Georgia's background in computer engineering and how that tech experience has served her well in real estate

How Georgia learned about tech tools early in her career from sales meetings and through the local association

How modern agents learn about tech tools through word-of-mouth on social media

Georgia's advice for vendors around marketing to top producers who can create influence for you

Why vendors should lead with the problem they're solving for in pitching agents and brokers

How Georgia evaluates tech based on its potential to shorten the sales cycle and save time or money

Georgia's criticism of how brokers have gone about increasing profitability by having the biggest army (rather than the best)

How real estate brokerages and software vendors can build a business model that mitigates agent churn

The top technology needs Georgia sees in the real estate space

--Integration among tech solutions (strategic alliances)

--Agent retention and engagement tool for brokers

Connect with Georgia:

Urban Nest Realty

Resources:

David J. Tina

Top Producer

Inman News

Realtor.com

Realtor Magazine

Vendor Alley

Rob Hahn

Joe Versus the Volcano

Our Sponsor:

Cloud CMA

Owning a second home can be an enriching experience, allowing us to make priceless memories with friends and family. But many can't afford to buy a vacation home, nor does it make much sense to leave a house sitting empty for ten-plus months, even if you can afford it. So, what if you could buy a share of a second home and enjoy true ownership for a fraction of the cost and hassle?

***MAKE SURE YOU CONSULT WITH A CPA. THIS PODCAST AND ITS CONTENT ARE NOT INTENDED TO GIVE TAX/INVESTMENT ADVICE ON LOSS/GAIN OF PASSIVE INCOME*****

Austin Allison is the Cofounder and CEO of Pacaso, a startup designed to make the dream of second homeownership a reality for more people. The platform allows up to eight people to buy a share of a vacation home for much less—in a way that is seamless, hassle-free, and without risk. Austin's first venture was Dotloop, the real estate transaction management solution he built in 2008 and sold to Zillow in 2015.

On this episode of Listing Bits, Austin introduces us to the benefits of co-owning a second home through Pacaso over the DIY model, explaining what differentiates a Pacaso from a resort or hotel timeshare. He describes how the platform's scheduling feature works and why it can actually be better to own a property with people you don't know versus friends and family. Listen in for Austin's insight on how his company makes money and learn how you might use Pacaso as a second home buyer, seller or real estate agent.

What's Discussed:

How Austin's frustration with creating and signing documents as an agent inspired the creation of Dotloop

How Pacaso's mission around second home ownership inspired the company name

The broad range of people Pacaso serves and the potential market for second homes in the US and Europe

What differentiates a Pacaso from a resort or hotel timeshare

--True ownership vs. rights to use

--Single-family home

--Easy to resell

Why Pacaso prohibits short-term rental activity in its properties

How Pacaso's scheduling feature allows users to reserve dates in a way that corresponds with their ownership level

How Pacaso makes money through a markup on the real estate and asset management fees

What happens if a Pacaso home increases in value

The benefits of owning a home with people you don't know through Pacaso over the DIY model

The potential tax benefits of owning a second home with Pacaso

How the Pacaso process works for buyers, sellers, and real estate agents

Connect with Austin:

Pacaso

Austin on LinkedIn

Resources:

Dotloop

California Association of Realtors' Partnership with zipLogix

The a16z Podcast

The a16z Podcast on Joint Home Ownership

Sponsor:

Cloud CMA

It's easier to gain a seller's trust when you have the data to back you up. But where can agents and brokers go for real-time buyer data? And how do we turn those numbers into actionable insights to earn new business?

Ashley Terrell is the Executive Vice President of Partnerships at Buyside, a real estate tech platform that helps real estate professionals leverage intelligent buyer data to capture seller leads, win more listings and close more transaction sides in-house. Prior to joining Buyside, Ashley served as the Director of Account Management and Director of Strategic Growth at Constellation Software and the Director of Account Management and Product Marketing at Real Estate Digital.

On this episode of Listing Bits, Ashley explains how Buyside partners with other vendors to procure data and provide its users with seamless product integration. She offers insight around the current buyer landscape, sharing her take on why there's such a boom in real estate right now. Listen in for Ashley's insight on the resources available to help agents use the Buyside tools and learn how to leverage buyer data to win your next listing presentation.

What's Discussed:

Ashley's background in tech and how she was introduced to the real estate tech space

How Buyside serves as a seller lead gen tool and helps agents win listing presentations

How Buyside procures data from vendors like Zillow, ShowingTime, etc.

Buyside's focus on seamless product integration to create the best possible user experience

Ashley's insight around the current buyer landscape in real estate

Ashley's take on why there's such a boom in real estate right now

How agents and brokers can leverage buyer data in a listing presentation

--Help seller price home

--Marketing strategy

--Pool of buyers

How Buyside serves large brokerages vs. small brokerages and large teams

The value proposition for Buyside in a buyer's market

Ashley's commitment to building out resources that help agents use the Buyside tools

Connect with Ashley:

Buyside

Ashley on LinkedIn

Resources:

Market Leader

Sharper Agent

Real Living

John Hensley

John Heithaus on Listing Bits EP061

Charles Williams

ShowingTime

RealScout

Cloud CMA

Inman News

'Existing Home Sales Skyrocket Amid Pandemic, Inventory Down' in Inman News

ShowingTime's June 2020 Showing Index Results

Buyside Help Center

Sponsor:

Cloud CMA