Two years ago, NAR policy was updated to give brokers and agents attribution rights, meaning they get to decide how they appear in listings.
But Homes.com employs a ‘your listing, your lead’ model, displaying the listing agent’s contact information.
So, does this comply with NAR’s attribution policy? And what else do we need to think about as companies like Zillow and Homes.com switch to IDX?
On this episode of Listing Bits, Michael Wurzer, CEO of real estate software company FBS, Greg Fischer, Owner of indie brokerage West + Main, and Andy Woolley, VP of Industry Development at Homes.com, join us to consider how ‘your listing, your lead’ jives with NAR’s IDX attribution policy.
Andy explains how ‘your listing, your lead’ differs from the referral model used on other sites, and Greg asks what is changing at Homes.com now that it’s a participant in the MLS.
Listen in for Michael’s insight on the repercussions on policy that come with mixing different use cases for data feeds and find out why it’s important for MLSs to develop a standard way for national portals like Homes.com to license data.
What’s Discussed:
How NAR IDX policy changed to give brokers and agents attribution rights
Whether Homes.com’s ‘your listing, your lead’ model complies with NAR’s attribution policy
Why most brokers aren’t using the ‘attribution source’ field in RESO’s data dictionary
Homes.com’s decision to display the listing agent’s contact information
Why Homes.com made the switch from its original MLS feeds to IDX
What is changing at Homes.com now that it’s a participant in the MLS vs. a media publisher
The potential repercussions on policy that come with mixing use cases for data feeds
What differentiates Homes.com’s ‘your listing, your lead’ from the referral model used on other sites
How Homes.com allows buyer’s agents to protect their relationships on the site
How showing a listing agent on a lead placard compares to seeing their name on a yard sign
The challenge Homes.com faces when it comes to agent responsiveness
Why it’s crucial for MLSs to create a standard way for national portals to license data
Connect with Michael Wurzer:
Connect with Greg Fischer:
Connect with Andy Woolley:
Resources:
Greg’s Twitter Thread on Your Listing, Your Lead
Our Sponsor:
Lauren Martin began her career in the fashion industry to be among powerful women.
But when she transitioned to proptech, she realized that real estate is the true pinnacle of girl power. And yet, women are not always represented in leadership.
So, when she landed her current role as Senior Account Director of Partnerships at RentSpree, Lauren approached her CEO about creating RENEW, the Real Estate Network for Empowered Women, an initiative that seeks to connect and champion female professionals across all sectors of the industry nationwide.
On this episode of Listing Bits, Lauren shares her journey from the fashion industry to proptech, describing how what she learned in fashion translates to real estate.
Lauren discusses her role at RentSpree, explaining how the platform partners with MLSs and other proptech companies to streamline the rental process—in a way that serves real estate agents and renters.
Listen in for insight on what inspired Lauren to build RENEW and learn how you can get involved in her initiative to elevate women in real estate!
What’s Discussed:
How Lauren was poached from a catering company to work in sales at Remine
What Lauren learned in the fashion industry that translates to real estate and proptech
Lauren’s insight on approaching uncomfortable conversations with humor
Lauren’s experiences working with MLS professionals who champion each other
How RentSpree partners with MLSs and proptech companies to streamline the rental process
The revenue sharing model at RentSpree and how MLSs benefit from it
How REALTORS benefit from building relationships with renters early in their housing journey
Lauren’s role handling both MLS and proptech partnerships at RentSpree
Lauren’s best travel hacks for real estate professionals
What inspired Lauren to start the RENEW initiative to elevate women in real estate
Connect with Lauren:
Email laurenm@rentspree.com
The RENEW Podcast by RentSpree
Resources:
Teresa King Kinney & Liz Sturrock on The RENEW Podcast EP001
Betsy Hanson of Markt on Listing Bits EP078
Our Sponsor:
From a vendor’s perspective, small MLSs are the most challenging to work with. And that’s no surprise, seeing as how they have fewer resources than the big players in the space.
So, how do we support MLSs with fewer than 400 members in keeping up with NAR rules, for example? Is there a way MLSs might share marketing, support and compliance services in a way that makes the market work better for all involved?
Betsy Hanson is General Manager and General Counsel at Markt, a multi-MLS service organization focused on pooling resources and expertise to serve MLSs, brokers and agents.
On this episode of Listing Bits, Betsy shares her journey from executive assistant at a small association to her current role at Markt, describing how she avoids the attorney’s reputation as the Department of No.
Betsy offers her take on what organized real estate is missing about the life and times of an ordinary REALTOR, why the average agent doesn’t understand the lawsuits facing the industry, and how those lawsuits might change the way we do things moving forward.
Listen in to understand how Markt works as an MLS back-office provider and learn how Betsy and her team are uniquely positioned to help MLSs of all sizes with local market delivery.
What’s Discussed:
Betsy’s journey from executive assistant at a small association to General Counsel at Markt
What differentiates the role of executive assistant from that of chief of staff
How Betsy avoids the attorney’s reputation as the Department of No
Betsy’s experience teaching English in China between undergrad and law school
What organized real estate is missing about the life and times of an ordinary REALTOR
Why the average REALTOR-on-the-street doesn’t know about the lawsuits facing the industry
How public perception of REALTORS remains positive despite lawsuits around compensation
Betsy’s predictions re: how the lawsuits facing organized real estate might play out
How Markt began as a way for MLSs to pool support resources and create efficiencies
Markt’s potential to solve the challenge small MLSs face in keeping up with NAR rules
Connect with Betsy:
Email betsy@themarkt.com
Resources:
Our Sponsor:
Most showing management software aggregates data. But how useful is it to get a report at the end of the month?
What if the data was presented in a way that helped agents answer seller questions in real time and make informed choices based on the numbers?
Wes Hartman is CEO of Showingly, a showing management solution that uses data and analytics to guide better decision-making.
On this episode of Listing Bits, Wes walks us through the key metrics Showingly looks at to drive pricing decisions and marketing strategy for a property.
Wes explains how Showingly is aggregating showing, offer and closed data to determine the best day and time to list a home and explores what simple things a seller can adjust to secure more showings.
Listen in to understand how the desire for choice might impact the future of showing management software and find out if Showingly’s approach is right for your brokerage or MLS.
What’s Discussed:
Wes’ background as an aspiring fighter pilot, professional cyclist, real estate agent and tech vendor
How Showingly’s use of data to guide decision-making differentiates it from other showing management solutions
The key metrics Showingly looks at to drive pricing decisions and marketing strategy for a property
What Wes’ team is doing to get honest feedback on a property (and why that’s such a challenge)
How Showingly uses showing, offer and closed data to determine the best day and time to list a home
How sellers might adjust pricing and Open House hours to get more showings
Wes’ take on the future of showing management software
Showing Hub’s solution to the demand for choice in showing management software
Why Wes is focused on building relationships with brokerages, MLSs and other showing management providers
How Wes thinks about MLSs building their own showing solutions and why competition drives innovation
Connect with Wes:
Email wes@showingly.com
Resources:
Our Sponsor:
A solid fan base is what makes a rock band successful, and it’s no different for real estate professionals.
But most of us focus on the individual transaction and miss an opportunity to build long-term relationships with our existing clients and turn them into raving fans.
And that means missed opportunities for referrals and repeat business.
Rivers Pearce is CMO of Milestones, a homeowner management platform that helps agents and lenders turn single transactions into forever clients.
On this episode of Listing Bits, Rivers shares his background as a touring musician and transition to proptech, discussing how he built the lead generation department at BoomTown.
Rivers explains why agents should market themselves as a trusted advisor for all things home and explores how real estate professionals benefit from referring business to home service professionals and other local businesses.
Listen in for Rivers’ insight on nurturing relationships with your existing database and learn how Milestones can help you provide the kind of value that turns one-off clients into lifelong fans!
What’s Discussed:
Rivers’ background as a touring musician and how he transitioned to proptech
How the skills Rivers developed as a performer translate to real estate and proptech
Rivers’ experience in building the lead gen department at BoomTown
How the way proptech supports real estate agents with lead gen has evolved over time
How Rivers thinks about using sphere of influence vs. portal aggregation to generate business
The opportunity to build relationships with homeowners that most REALTORS miss
Why agents should market themselves as a trusted advisor for all things home
The benefit of referring business to home service professionals and other local businesses
How Milestones functions as a homeowner management platform for agents
How Milestones creates a custom maintenance plan for homeowners
How Milestones helps REALTORS nurture relationships with their existing database
Connect with Rivers:
Email rivers@milestones.ai or ashley@milestones.ai for a 3-month free trial
Resources:
Our Sponsor:
If your role in real estate involves sales demos or any kind of training, you’re likely familiar with the frustration of delivering the same webinar over and over again.
Or worse, preparing a webinar that is either poorly attended or no one shows up.
But what if you could do 100 or even 1,000 webinars a month—without getting in front of a camera?
Melissa Kwan is Cofounder and CEO of eWebinar, a platform that saves people from repeatedly delivering the same webinar by turning videos into automated, interactive webinars.
Prior to eWebinar, Melissa founded and successfully exited the real estate tech startup Spacio, a check-in app for open houses.
On this episode of Listing Bits, Melissa shares her journey as a proptech entrepreneur, describing how she developed her mad sales skills and why she was ready for a new challenge after Spacio.
Melissa discusses how her experience with onboarding and training for Spacio inspired the creation of eWebinar and explains what differentiates the platform from Zoom, YouTube videos and webinar replays.
Listen in for insight around Melissa’s intentional approach to life and learn how your real estate business might leverage eWebinar to get your time back and spend it on things you enjoy!
What’s Discussed:
The initial idea for Spacio and how it evolved into a check-in app for open houses
How Melissa developed her hustle and sales ability out of necessity
Melissa’s successful exit from Spacio after 4 years of running the business
The real estate leadership dinner that launched Melissa’s career as an entrepreneur
What differentiates eWebinar from YouTube, Zoom and webinar replays
How Melissa’s experience with training for Spacio inspired the creation of eWebinar
How brokerages and real estate teams are using eWebinar to qualify leads
The benefit of using eWebinar in terms of video quality and availability of content
eWebinar’s use cases for sales demos, onboarding and training
How Melissa runs eWebinar to reflect her work less, enjoy more philosophy of life
Connect with Melissa:
Resources:
Our Sponsor:
NAR’s MLS Policy Statement 8.6 goes into effect on September 1, 2022.
So, what tools are available to make the implementation of the new One Data Source Policy easier for MLSs?
Katie Smithson is Director of MLS Relations at Zillow Group, where she leads the team building their MLS data licensing and distribution platform, Bridge Interactive. Prior to joining Zillow, she spent eight years with W+R Studios as Director of Enterprise Sales and Director of MLS Services.
On this episode of Listing Bits, Katie walks us through Policy Statement 8.6, explaining what problems the mandate does solve and why it’s a problem to provide vendors and brokers with data in a single feed.
Katie discusses the Bridge platform’s current functionality and describes the new feature her team is developing to help MLSs implement 8.6, the One Data Source Solution.
Listen in to understand how MLSs can use Bridge to auto-approve certain vendor agreements and find out if the One Data Source Solution is right for you.
What’s Discussed:
How MLS Policy Statement 8.6 requires that MLSs offer participants data in a single feed
The security issue with leaving it up to brokers and vendors to know what data can be used in a VOW, IDX or back-office feed
What problems the new One Data Source Policy does solve
How the Bridge platform alleviates pain points around data distribution for MLSs
What differentiates the Bridge platform from CoreLogic’s Trestle
How Katie thinks about asking MLS boards to give Zillow their data (and pay for the service)
How Bridge gives MLSs a simple way to combine existing data feeds for members
The benefit of adding field-specific tags to MLS metadata via the Bridge One Data Source Solution
How MLSs can use Bridge to auto-approve certain vendors or certain types of data access agreements
Connect with Katie:
Email: katiesm [at] zillowgroup [dot] com
Resources:
Our Sponsor:
What if it was easy for an MLS to raise money to develop the data services it needs and run the software its customers use?
Colette Stevenson is CEO of REsides, the premier MLS in South Carolina. Formerly known as Hilton Head MLS, REsides serves REALTORS who represent properties in both South Carolina and Georgia, maintaining the most dependable and powerful data in the marketplace.
On this episode of Listing Bits, Colette shares the story of the rebrand from Hilton Head MLS to REsides, explaining what differentiates her team’s vision from that of the average MLS.
Colette describes how REsides is developing a new business model to address the challenge of raising capital for software development and discusses why she’s open to collaborating with MLSs anywhere in the US.
Listen in to understand Colette’s disciplined way of thinking about potential changes to cooperation and compensation—and learn how REsides is empowering agents and brokers with data in a way that keeps the industry at the center of the real estate transaction.
What’s Discussed:
How Colette’s background in the ticketing industry informs her work at REsides
What REsides is doing to keep the industry at the center of the real estate transaction
The story of the rebrand from Hilton Head MLS to REsides
What differentiates REsides’ vision from that of the average MLS (and how being small benefits Colette’s team)
Where buyers in the Hilton Head market come from and why Colette is open to collaborating with MLSs anywhere in the US
How REsides is developing a new business model to address the challenge of raising capital for software development
Colette’s take on what keeps MLSs from making bold moves (and how REsides is overcoming it)
Colette’s disciplined way of thinking about potential changes to cooperation and compensation
REsides’ mission to empower agents and brokers with data
Connect with Colette:
Resources:
Our Sponsor:
But to make these alternatives to the traditional appraisal work, we need data in the form of an accurate floor plan. And we need it at scale.
Jeff Allen is EVP of Innovation Labs Clear Capital, a leading property valuation tech company, and President of CubiCasa, an easy-to-use app for automating the creation of real estate floor plans. On this episode of Listing Bits, Jeff explains how the barrier to entry to become an appraiser has sparked a total transformation of the industry.
He discusses his work helping GSEs test alternatives to the traditional appraisal, describing why floor plans are an essential part of ‘bringing the house to the appraiser’ and how he discovered the CubiCasa technology that automates the process. Listen in for Jeff’s insight on the copyright dispute over real estate floor plans and learn how to support the creative partnerships necessary for CubiCasa to scale.
What’s Discussed:
How Clear Capital serves large financial institutions in the realm of property valuation
How the barrier to entry to become an appraiser has sparked a total transformation of the industry
Jeff’s work helping GSEs test alternatives to the full traditional appraisal
Why floor plans are essential in ‘bringing the house to the appraiser’
How Jeff discovered the CubiCasa tech for automating floor plans and how it works
The creative partnerships necessary for CubiCasa to achieve scale (e.g.: real estate photographers)
How the desktop appraisal option supports CubiCasa’s efforts to scale
The other major appraisal modernization initiatives coming from Fannie and Freddie
Jeff’s take on the current copyright dispute over real estate floor plans
Connect with Jeff:
Email: jeff [at] cubicasa [dot] com
Resources:
Copyright Dispute Over Real Estate Floor Plans
Designworks Homes v. Columbia House of Brokers Realty
CMLS’s Amicus Brief on the Floor Plan Copyright Dispute
NAR’s Amicus Brief on the Floor Plan Copyright Dispute
Our Sponsor:
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:
Hawaii Information Service on YouTube
Resources:
Our Sponsor:
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:
Resources:
Zillow’s Acquisition of ShowingTime
Our Sponsor:
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 Making the Market Work Campaign
NAR MLS Clear Cooperation Policy
Our Sponsor:
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:
Resources:
The Story Behind SentriKey Showing Service
CoStar’s Acquisition of Homes.com
REALTORS Political Action Committee
Our Sponsor:
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
Connect with Michael:
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
Draft of the Listing Exchange and Access Policy (LEAP)
Our Sponsor:
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
Resources:
RESO’s Broker Advisory Workgroup
2020 RESO Certification Updates
NAR’s MLS Technology & Emerging Issues Advisory Board
Summary of NAR’s 2021 MLS Policy Changes
CMLS’s Participant Data Access Policy
CMLS’s CCP Implementation Guide
Zillow Economist Jeff Tucker on Industry Relations EP059
Zillow’s Acquisition of ShowingTime
RESO’s Unique Organizational Identifier (UOI)
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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:
christian [at] wellcomemat [dot] com
Resources:
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:
Resources:
Our Sponsor:
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:
Resources:
California Association of Realtors’ Partnership with zipLogix
The a16z Podcast on Joint Home Ownership
Sponsor:
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:
Resources:
John Heithaus on Listing Bits EP061
‘Existing Home Sales Skyrocket Amid Pandemic, Inventory Down’ in Inman News
ShowingTime’s June 2020 Showing Index Results
Sponsor:
The five most stressful life events include the death of a loved one, divorce, major illness or injury, job loss, and moving. But a new proptech platform is working to take relocation off the list with a tool that makes the experience of moving less stressful, less expensive, and more efficient.
John Heithaus is a serial entrepreneur and venture investor with 30-plus years of experience in strategic marketing, corporate strategy, and product development. He has co-founded or served as a founding executive of four real estate startups, generating nearly $100M in successful exits. One of John’s current projects is OK Move Me, a proptech tool that offers consumers a one-stop resource for planning, moving, and settling into a new place.
On this episode of Listing Bits, John explains how OK Move Me works, walking us through the four phases of the moving process and describing the site’s interactive task lists for each. He discusses how the vendors promoted on the platform are vetted and share what the team is doing to provide an outstanding customer experience. Listen in for insight into how OK Move Me generates revenue and find out why the site is looking to partner with traditional real estate agents and brokers.
What’s Discussed:
John’s unique background in real estate, proptech investing and the music business
What inspired John’s return to building an online marketplace for moving + relocation services
OK Move Me’s four phases of the moving process and associated interactive task lists
--Planning
--Moving
--Move-in
--Settling in
How OK Move Me serves as a referral organization rather than a direct service provider
OK Move Me’s affiliate agreements with vendors on the site
What makes OK Move Me users a coveted cohort
How OK Move Me vendors are vetted and held to a high standard
The potential for OK Move Me to partner with traditional real estate agents and brokers
How OK Move Me is promoting the site through social media ads and content marketing
OK Move Me’s alliance with moving company brands that focus on customer experience
OK Move Me’s Reddit approach to procuring user feedback
Connect with John:
Resources:
Opendoor’s Deal with Realtor.com
Zillow’s Partnership with DR Horton
Sponsor:
Who’s ready to get geeky about MLS?
Collaborations among MLS organizations are usually about sharing data. But MLS Aligned takes collaboration to another level, promoting dialogue among their in-house technology teams and putting the tech tools they have developed to work in each other’s markets.
Matt Consalvo is the CEO at Arizona Regional MLS, Chris Carrillo is the CEO of Wisconsin’s Metro MLS, and Brad Bjelke is the CEO at UtahRealEstate.com. Together, with a few other MLS organizations are principles at MLS Aligned, a collaboration of five forward-thinking MLS organizations that are coming together to change the industry.
On this episode of Listing Bits, Matt, Chris, and Brad share the MLS Aligned origin story and discuss how their in-house tech teams benefit from the ability to share best practices. They introduce us to the MLS Aligned API, describing how it is designed to follow RESO standards while providing additional fields and features for vendors, brokers, and other MLSs. Listen in to understand how MLS Aligned might support smaller MLSs with fewer resources and learn about the organization’s mission to provide high-quality products with a local focus.
What’s Discussed:
How MLS Aligned grew out of a conversation among MLS CEOs and CTOs
How the tech teams of MLS Aligned members benefit from the ability to share best practices
Examples of MLS Aligned collaborations where tech has been plugged into other markets
The Market Initiative partnership between ARMLS and Metro MLS
Why the MLS Aligned API is designed to avoid data replication
How the MLS Aligned API follows RESO standards while providing additional fields + features
How vendors are using the MLS Aligned API
How MLSs might collaborate to adapt to moving trends prompted by the pandemic
What differentiates MLS Aligned from other MLS collaborations (e.g.: MLS Grid, MLS Roundtable, etc.)
--Collaboration among MLSs with in-house technology teams
--Mission to deliver a high-quality product with a local focus
How MLS Aligned might serve as a lifeboat for smaller MLSs with fewer resources
The focus on inclusivity at MLS Aligned
Why the principals at MLS Aligned are committed to building success before they start selling
Resources:
ARMLS & Metro MLS Market Initiative
The Marquette Airbnb Study of Milwaukee STRs
Connect with Matt, Chris & Brad:
Email info@mlsaligned.com
Sponsor:
Most real estate agents look down on rentals, preferring to work solely with clients looking to buy in the next three to six months. What they don’t realize is that there are $12B in leasing commissions available to those agents who are willing to work with renters. And they’re missing out on the opportunity to build relationships with the homebuyers of tomorrow. But how do you find out what rentals are available in your market—when only a small percentage are listed on the MLS?
Ishay Grinberg [pronounced ee-shy] is the Founder and President of Rental Beast, the MLS for rentals. The platform helps tenants and landlords navigate the rental experience and levels the playing field for agents and brokers, giving them access to a comprehensive database of rental listings. Ishay has 20-plus years of experience in the real estate industry, working as an agent and managing broker for firms in New York City and Boston before creating Rental Beast.
On this episode of Listing Bits, Ishay introduces us to the Rental Beast platform and describes the opportunity available to real estate agents who are open to working with renters. He explains how the platform facilitates a fully virtualized transaction that is driven by the agent, exploring what the sales side of our industry can learn about virtualization from rentals. Listen in for Ishay’s insight on integrating Rental Beast with existing MLSs and learn how the platform helps agents earn more by generating transactions on the rental side.
What’s Discussed:
Why Ishay describes Rental Beast as the MLS for rentals
The 50 unique data points Rental Beast collects for each property
Ishay’s experience in the NYC market where there is no MLS
The $12B in leasing commissions available to agents who are willing to work with renters
How working with renters helps agents build relationships with the homebuyers of tomorrow
What JCHS research reveals about the growing affluence of renters in the US
How Rental Beast facilitates a fully virtualized transaction driven by the agent
How agents can leverage Rental Beast’s AVM for rentals
What the sales side of real estate can learn about virtualization from the rental industry
--Streamline and digitize the closing process
--Touchless showings
Reading the local market to decide whether to hold or flip an investment property
Rental Beast’s vision for embedding themselves in the MLS universe via integration
The positive results brokers are seeing from the use of Rental Beast
Resources:
MRED’s Partnership with Rental Beast
Connect with Ishay:
Sponsor:
While we may not be able to predict exactly how the current health crisis will impact organized real estate moving forward, most of us would agree that change is in the air. The kind of change that could transform the way we do business altogether. So, how is the Coronavirus changing the way we think about the spaces where we live and work? And how might this new perspective lead to foundational shifts in our industry?
Jessie Beaudoin is the Founder and CEO of CallAction, a lead engagement automation platform that helps real estate agents capture, track, and respond to leads from online and offline marketing channels. He has 35 years of experience in real estate, working as a mortgage broker for nearly two decades before his interest in efficiency and scale led him to the technology space. Now, Jessie is on a mission to help businesses do more in less time through intelligent sales and marketing automation.
On this episode of Listing Bits, Jessie discusses the foundational shifts in real estate that may come from the Coronavirus pandemic, exploring how the crisis is changing the way we define ‘home’ and why the efficiencies of working remotely might shift the way we do business moving forward. He offers insight into why we lean on technology in moments of crisis and how the virus could impact the housing market in the months ahead. Listen in to understand what mainstream adoption of virtual showings means for real estate agents and get Jessie’s advice on what YOU can do to step up as a leader for your clients and your family in this challenging time.
What’s Discussed:
Jessie’s background in real estate and segue into the technology space
How the Coronavirus is giving us a newfound appreciation of what home means
How the efficiency of working remotely might change commercial real estate
Why we leverage technology in moments of crisis
The positive foundational shifts that may come from the COVID-19 pandemic
- Appreciate being together, hyper-focused during appointments
- Written + verbal communication more clear, poignant and thoughtful
How mainstream adoption of virtual and self-showings could impact agents
Jessie’s insight around how the virus might affect the housing market
The innovations that emerged in the last recession
Jessie’s advice for agents on navigating the current health crisis
- Leverage overcommunication and connection
- Depend on technology to scale efforts
- Step up as a leader for clients and family
How CallAction allows agents to scale their communication via automation
Resources:
Real Estate for Millennials vs. Baby Boomers
Gary Vaynerchuk’s Keynote at Inman Connect 2016
Connect with Jessie:
Call (323) 741-2255
Out of 565 Multiple Listing Services nationwide, 82 serve less than 100 brokers and agents. Unsurprisingly, this means that the nation’s 20 largest Multiple Listing Services serve over 50 percent of the nation’s total MLS subscribers. These statistics didn’t exist a year ago, but thanks to the Real Estate Almanac, the disparity is clear. Now that we understand the scale of the issue, how can we make changes to better serve agents, brokers, and their clients?
Clint Skutchan is the vice president of T3 Sixty’s association and MLS division. T3 Sixty is an industry-leading management consultancy and research company that focuses on residential real estate brokerage. Clint has over a decade of experience in the real estate industry and previously served as CEO of a realtor association in Colorado. He established an independent consulting company in 2014. In 2018, he joined T3 Sixty.
On this episode of Listing Bits, Clint discusses T3 Sixty’s latest undertaking: Real Estate Almanac. He explains where the idea for a comprehensive list of MLSs and associations came from and talks about some of the surprises that came out of that list. Listen in for Clint’s insight on the future of the Real Estate Almanac and how the data it consolidates will impact the industry, and the nation as a whole.
What’s Discussed:
How Clint got involved in T3 Sixty
What the Real Estate Almanac is and what it says about the industry
Why T3 Sixty put the latest MLS and association list together
What issues MLSs and associations are facing nationwide
Whether Clint thinks NAR membership will stagnate, drop, or continue increasing
How the list of MLSs and associations has shrunken in five years
Why MLSs choose not to consolidate
How smaller MLSs might tackle some of the issues they face
What’s next for the Real Estate Almanac
Resources:
Connect with Clint:
According to research conducted by Freddie Mac, there are 83 million mortgage-ready renters in the US! But most grossly overestimate how much they need for a down payment and very few know about the low down payment programs available to low and moderate-income home buyers. How much could a real estate business grow simply by making down payment assistance part of its business development strategy?
Rob Chrane is the CEO of Down Payment Resource, a platform that aggregates down payment assistance program data and connects homebuyers with down payment assistance. Rob has more than 30 years of experience as a top-producing Realtor and mortgage broker, and he has been recognized as a HousingWire Vanguard for his leadership in the housing economy.
On this episode of Listing Bits, Rob discusses who down payment assistance is designed to help and why some agents and lenders are reluctant to incorporate these programs into their workflow. We also discuss the evolution of Proptech as well as the pros and cons of the fractional ownership model. Listen in for insight around how Down Payment Resource shares its data with MLSs, lending companies, and individual agents and LOs—and learn about the massive opportunity available to real estate players with access to down payment assistance tools.
What’s Discussed:
How Rob connects homebuyers with down payment assistance
What inspired Rob to create Down Payment Resource
Who down payment assistance programs are designed to help
Why agents and lenders are reluctant to use these programs
How Down Payment Resource gets its data to industry players
How Down Payment Resource makes money via a subscription model
How Rob thinks about the Proptech fractional ownership model
How DPR’s data shows up for MLS clients vs. individual agents
Resources:
Freddie Mac Housing & Economic Research
Connect with Rob: