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

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

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

• Policy Changes = MLS Freedom: NAR repealed disciplinary guidelines and removed the requirement for MLS users to be association members, pushing authority to the local level.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

• Winners & Losers:

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

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

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

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

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

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