Tag Archives: Syndication

Does the MLS = Listhub Now?

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I’m writing this brief post here, as the Facebook group I got this from isn’t exactly the widest-read one out there. But the issue posed is both interesting and important.

Basically, the question is whether or not the most important function of the MLS in the minds of brokers is to simplify the sending of listing information to portals. This is new to me, so I thought I’d post this to ask my brokerage audience.

Some background follows after the jump.

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Zillow, The Industry, and Reading the Tea Leaves

SONY DSCThis is one of those posts I write from time to time to figure out what I think about an issue. For now, that issue is trying to discern the possible direction of the residential real estate industry in the U.S. If you’re an agent and only care about something that will have a direct, immediate impact on your day to day business, I’d skip this post and go read this and this instead.

Basically, what I’m wondering is if the bull case for Zillow — that it will someday be worth $50 billion, as its largest investor has suggested — has any basis in logic. There are a whole lot of very smart Wall Street folks who think that Caledonia and others are simply out of their minds. A lot of brokers, agents, and industry folks would agree. If I had a nickel for every time I read or was told, “Zillow is worthless without our data”, I could retire now and buy that ranch I’ve been wanting ever since moving to Texas.

So for this post, I’m going to look at what has to happen in order for Zillow to be worth $50 billion at some point in the future. This doesn’t necessarily mean that I am bullish on Zillow. (And I own zero shares of Zillow or any of its competitors, unless one of my funds owns it without my knowing about it.) I’m doing this because trying to make the bullish case for Zillow results in some really interesting thoughts/observations about the industry as a whole.

Let’s do this, then.

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Don’t Brokerages Compete With Each Other?

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Over on Facebook, an interesting and intelligent discussion broke out — which is news in and of itself, I realize. We weren’t discussing The Dress or llamas. Amazing.

What we were discussing is MLS taking over syndication, something that Kipp Cooper at North Alabama pioneered. Here’s how it began:

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The responses were really interesting, and raised an issue that I think is worth talking about further. So let’s do that.

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On NRT’s New HomesForSale.com (Which Most Folks Are Misunderstanding)

Making Sense I know some folks think I’m a Realogy homer. Well, given that’s where I got my start in the industry, maybe I’m a little bit guilty of that whole “cut me and I bleed blue” thing. But I think I’m actually calling things as I see them; I’ve been plenty critical of Realogy when they’ve done something deserving of criticism, and I’m complimentary when they’ve done something right.

The newest Realogy initiative that’s making waves is HomesForSale.com, a “national” portal for the NRT, Realogy’s company-owned brokerage operations. I mentioned it and some screenshots yesterday, when I was really talking about some issues that the MLS probably needs to address. Since then I’ve seen all sorts of discussion about HomesForSale, about NRT, etc. etc. both publicly and privately.

Almost all of the commentary thus far has been negative. The main thrust of such criticism is something like this:

If this is the best that Realogy can do to compete against Zillow and Trulia and Realtor.com, it’s farcical. There’s nothing innovative or new here, and the site isn’t even mobile responsive, and the color scheme sucks too!

Or something along those lines.

Thing is, I think this line of criticism is almost wholly unwarranted, because it is based on a misunderstanding of the strategy behind HomesForSale. I actually think HomesForSale is a nice move, one that could fail of course like any initiative, but it’s solidly grounded in strategy.

Let’s get into it.

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Who’s Down With BPP? Yeah You Know Me!

I figured that my post on the Broker Public Portal would create some conversation, and I didn’t figure wrong.

Brian Boero of 1000Watt discussed the BPP on their “Friday Flash” email newsletter, saying:

If you want to know all the reasons why a broker-controlled national listing site might not work, read this post from Rob Hahn. I don’t share his bleak perspective on this project, but I do admire his deep exploration of the matter.

And Drew Meyers over at GeekEstate wrote a post which was then copyright-violated across the Interwebz, saying:

As you can tell, I’m a skeptic. Brian at 1000Watt penned some thoughts on the broker portal project today as well. His were not as bleak as the opinion of Rob’s and mine. If someone involved wants to hear my thoughts on how to actually make this work, send me an email.

Thanks for the mention and the links, fellas, but um, let me correct the record in one small respect. I’m not bleak about the BPP. Nor did I post all of the reasons why the BPP wouldn’t work. I wrote one concrete suggestion (“buy, don’t build”) and two concerns based on my knowledge and experience of the organizational side of the industry.

Those concerns, which are almost entirely about governance and ownership issues, turn out to be on point with people directly involved with the BPP project. I’ve heard from enough of them to know they agree that governance and ownership are two difficult thorny issues they need to work through.

IF ownership issues can be resolved, IF clear mission objectives can be established, and IF the governance issues are handled… then now is a great time for BPP. Move is now a small part of a global media behemoth. The FTC approved Zillow’s acquisition of Trulia; the deal will close next week. Now would be a great time for a serious competitor to Zillow and News Corp to emerge.

For the record, I think I’m probably closer to Brian’s side of the Bleakness Divide than to Drew’s side, since I totally understand why the brokerages want to make Fair Display Guidelines the norm. But I don’t see my role as an advisor and industry observer to act as a cheerleader blowing sunshine up the valley of darkness.

Having said that, there are a couple of interesting things from both Brian’s post and from Drew’s post that are worth discussing further. Let’s get into it.

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